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Housing Market | AtCoastal Realty - The Morton Group Blog

Monday, July 15, 2024   /   by Todd Morton

Why Working with a Real Estate Professional Is Crucial Right Now

Navigating the housing market can be tricky, especially these days. That's why having an experienced guide when buying or selling a home is so important. The market isn't exactly straightforward right now, and working with a real estate expert can offer insights and advice that make all the difference.

While today’s market conditions might seem confusing or overwhelming, you don't have to handle them alone. With a trusted expert leading you through every step, you can navigate the process with the clarity and confidence you deserve.

Here are just a few of the ways a real estate expert is invaluable:

Contracts – Agents help with the disclosures and contracts necessary in today’s heavily regulated environment.

Experience – In today’s market, experience is crucial. Real estate professionals know the entire sales process, including how it’s changing right now.

Negotiations&nbs. ...

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

Wednesday, July 10, 2024   /   by Todd Morton

Why Your Asking Price Matters Even More Right Now

If you’re thinking about selling your house, here’s something you really need to know. Even though it’s still a seller’s market today, you can’t pick just any price for your listing.
While home prices are still appreciating in most areas, they’re climbing at a slower pace because higher mortgage rates are putting a squeeze on buyer demand. At the same time, the supply of homes for sale is growing. That means buyers have more options and your house may not stand out as much, if it’s not priced right.
Those two factors combined are why the asking price you set for your house is more important today than it has been in recent years.
And some sellers are finding that out the hard way. That’s leading to more price reductions. Mike Simonsen, Founder and President of ALTOS Research, explains:
“Looking at the price reductions data set . . . It all fits in the same p. ...

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

Wednesday, June 12, 2024   /   by Todd Morton

Considering Selling FSBO? Why a Real Estate Agent Makes All the Difference

If you’re considering selling your house on your own as a “For Sale by Owner” (FSBO), you want to think about if it’s really worth the extra stress. Going this route means shouldering a lot of responsibilities by yourself – and, if you’re not an expert, that opens the door for mistakes to happen and can quickly become overwhelming.

A report from the National Association of Realtors (NAR) shows two key areas where people who sold their own house struggled the most: pricing and paperwork.

Here are just a few of the ways an agent makes those tasks a whole lot easier.

Getting the Price Right

Setting the right price for your house is important. And, if you’re selling your house on your own, two common issues can happen. You might ask for too much money (overpricing). Or you might not ask for enough (underpricing). Either can make it hard to sell your house. According to NerdWa. ...

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

Tuesday, May 7, 2024   /   by Todd Morton

Tips for Younger Homebuyers: How To Make Your Dream a Reality

If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly stacked against you.
While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side.
Here are some helpful tips you may get from a pro.
1. Explore Your Options for a Down Payment
If a down payment is your #1 hurdle, you may have options to give your savings a boost. There are over 2,000 down payment assistance programs designed to make homeownership more achievable. And, that’s not the only place you may be able to get a helping hand. While it may not be an option for everyone, 49% of Gen Z homebuyers got money from loved ones that they used toward. ...

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

Wednesday, May 1, 2024   /   by Todd Morton

The Perks of Buying over Renting

Thinking about buying a home? While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place.
1. Home Values Typically Go Up Over Time
There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term, home prices almost always go up (see graph below):
 

Using data from the Federal Reserve (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn't follow the normal pattern, but generally, home values kept rising.
This is a big reason why buying a home can be better than renting. As prices go up and you pay down your mortgage, you build equity. Over tim. ...

  home buying, first-time home buyer, housing market, the morton group

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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