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AtCoastal Realty - The Morton Group Blog

Monday, March 11, 2024   /   by Todd Morton

What’s ‘in’ and What’s ‘out’ this Spring Home-Buying Season

First-time home buyer Brett Feldman began looking for a home four months ago, eager to own his own property. Mortgage rates were high, and home prices were rising, but the Atlanta native wanted to start building equity on his first home.
The market has turned out to be unusually hot. “It’s difficult to find a house,” Feldman, a 25-year-old real-estate entrepreneur who is looking to buy a $2 million single-family home, told MarketWatch in an interview. 
When a listing pops up and Feldman and his real-estate agent request to view it, they are sometimes told that there are six or seven offers already on the table, he said.
“It goes very quickly. It has shocked me completely,” Feldman added. “I wasn’t expecting it when I started the process.”
Spring home-buying season beckons
Feldman’s experience is one that many other house hunters may already be experiencing, or are about to experience, in the coming months. 
The spr ...

  first-time home buyer, home buying, housing market, virginia beach

Monday, March 4, 2024   /   by Todd Morton

What To Know About Credit Scores Before Buying a Home in Virginia

If you want to buy a home, you should know your credit score is a critical piece of the puzzle when it comes to qualifying for a mortgage. Lenders review your credit to see if you typically make payments on time, pay back debts, and more. Your credit score can also help determine your mortgage rate. An article from US Bank explains:

“A credit score isn’t the only deciding factor on your mortgage application, but it’s a significant one. So, when you’re house shopping, it’s important to know where your credit stands and how to use it to get the best mortgage rate possible.”

That means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability. According to the Federal Reserve Bank of New York, the median credit score in the U.S. for those taking out a mortgage is 770. But that doesn’t mean your credit. ...

  first-time home buyer, home buying, housing market, virginia beach

Sunday, March 3, 2024   /   by Todd Morton

Why Today’s Housing Supply Is a Sweet Spot for Sellers

Wondering if it still makes sense to sell your house right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why.

An article from Calculated Risk shows there are 15.6% more homes for sale now compared to the same week last year. That tells us inventory has grown. But going back to 2019, the last normal year in the housing market, there are nearly 40% fewer homes available now:




Here’s a breakdown of how this benefits you when you sell.

1. You Have More Options for Your Move

Are you thinking about selling because your current house is too big, too small, or because your needs have changed? If so, the year-over-year growth gives you more options for your home search. That means it may be less of a challenge to find what you’re looking for.

So, if you were holding off on selling because you were worried you weren’t going to find a home you li. ...

  housing market, virginia beach, housing supply, home selling

Tuesday, February 27, 2024   /   by Todd Morton

The Truth About Down Payments

If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case.

Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize.

As The Mortgage Reports says:

“Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact, most people opt for a much lower down payment.”

According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, for all homebuyers today it’s only 15%. And it’s even lower for first-time homebuyers at just . ...

  first-time home buyer, home buying, virginia beach, mortgage relief, mortgage, down payment

Monday, February 26, 2024   /   by Todd Morton

How Changing Mortgage Rates Impact You [INFOGRAPHIC]

Some Highlights


If you’re looking to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month.



That’s because even a small change in mortgage rates can have a big impact on your purchasing power.



The best way to navigate changing mortgage rates and make an informed buying decision is to rely on the expertise of a local real estate professional and mortgage lender. ...

  first-time home buyer, home buying, virginia beach, mortgage relief, mortgage, mortgage rates, infographic

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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