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AtCoastal Realty - The Morton Group Blog

Tuesday, February 6, 2024   /   by Todd Morton

Houses Are Stilling Fast in Virginia Beach

Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn't as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal, specifically in Virginia Beach.
The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:
 
When you look at the most recent data (shown in green), it's clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abno. ...

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. ...

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; ...

Tuesday, January 16, 2024   /   by Todd Morton

Expert Quotes on the 2024 Housing Market Forecast

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market in 2024. In 2023, higher mortgage rates, confusion over home price headlines, and a lack of homes for sale created some challenges for buyers and sellers looking to make a move. But what’s on the horizon for the new year?
The good news is, many experts are optimistic we’ve turned a corner and are headed in a positive direction.
Mortgage Rates Expected To Ease
Recently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges. Mark Fleming, Chief Economist at First American, explains how they may continue to drop:
“Mortgage rates have already retreated from recent peaks near 8 percent and may fall further . . .”
Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR),&n. ...
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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