If you listen to the national news you will become confused about what is happening in local
markets. That is because each local market has its own dynamics.
You need to seek out an experienced Realtor to learn about the market where you are considering buying a home and then actually listen to what they have to say.
I remember when 9/11 happened and everything came to a halt. My clients
at that time said they couldn't buy "we are at war"! Then 6 months later they regretted
the lost opportunities.
This is not the time to sell if you can wait. If you have made enough on the past purchase of
your home then you can afford to sell at this time. If you are a buyer you should definitely
capitalize on this market and buy!
This is a great time to capture great values.
My clients are still getting loans and finding values and sellers are still getting their home
sold even if it takes longer. A normal real estate market is when a home takes 6 months
to sell and from year to year we find ourselves moving from a shorter time to a longer
time. This is a great "move up" market allowing for home owners to sell their current
home and move up to a higher priced home which has been significantly reduced.
Real estate can not evaporate the way an investment in stocks can, and remember real estate will always be there; a very tangible item.
Monday, October 13, 2008
Saturday, July 5, 2008
Thoughts About the Summer Real Eesate Market
July 4th has come and gone. And June has felt like the good old real estate market days.
Buyer activity has been strong partly due to the fact that many buyers are facing deadlines
of finding a home before school starts in August/September. Others have finally seen their
home get an offer and now they are free to begin the purchase process of a new home.
The biggest problem buyers have is that there is a disconnect between the Buyer and the Seller.
When the Seller is realistic about his home's value, the fierce competition he faces and therefore prices his home competitively, he will get an offer.
Many buyers want to apply national averages to our market in Williamsburg and are frustrated
when that does not work. However, the buyers who are buying for whatever reason, are seeing
great opportunities. One home we know of that is currently being marketed, (we hope to put one of our buyer/clients in this home) has dropped from $875,000 to $669,000. All brick, on the golf course,brand new construction with all the bells and whistles. We just closed on another property with one of our clients and we found them a $667,000 oppourtunity for $475,000.
We have other great opportunities in Williamsburg, but we need for the buyers to get off of the fence and recognize that rates are good (6.3 %) and values are there with a decrease in list to sold prices from 7 % to 15%. Greed
can cause one to miss the stock market and in this case to miss the real estate market. Waiting too long and then looking back at the great buys others have made is not a good feeling.
Generally the great homes/buys will be gone by the fall with the hold outs still there.
Then we will wait to see what next year brings.
Our current buyers are very happy with their new homes.
Our sellers are relieved to be able to go on with their new lives and often are experiencing
great buys in the towns in which they relocate. Give a little here and get a little or a lot there.
We will see what July and August bring.
Our listings are selling, but not quickly. We know how to generate traffic but making the
buyers committ to a purchase can be challenging as they are taking their time, for better
or worse.
My Summer Real Estate Market thoughts!
Julia McNulty, GRI, ABR, SRES,
Associate Broker
Buyer activity has been strong partly due to the fact that many buyers are facing deadlines
of finding a home before school starts in August/September. Others have finally seen their
home get an offer and now they are free to begin the purchase process of a new home.
The biggest problem buyers have is that there is a disconnect between the Buyer and the Seller.
When the Seller is realistic about his home's value, the fierce competition he faces and therefore prices his home competitively, he will get an offer.
Many buyers want to apply national averages to our market in Williamsburg and are frustrated
when that does not work. However, the buyers who are buying for whatever reason, are seeing
great opportunities. One home we know of that is currently being marketed, (we hope to put one of our buyer/clients in this home) has dropped from $875,000 to $669,000. All brick, on the golf course,brand new construction with all the bells and whistles. We just closed on another property with one of our clients and we found them a $667,000 oppourtunity for $475,000.
We have other great opportunities in Williamsburg, but we need for the buyers to get off of the fence and recognize that rates are good (6.3 %) and values are there with a decrease in list to sold prices from 7 % to 15%. Greed
can cause one to miss the stock market and in this case to miss the real estate market. Waiting too long and then looking back at the great buys others have made is not a good feeling.
Generally the great homes/buys will be gone by the fall with the hold outs still there.
Then we will wait to see what next year brings.
Our current buyers are very happy with their new homes.
Our sellers are relieved to be able to go on with their new lives and often are experiencing
great buys in the towns in which they relocate. Give a little here and get a little or a lot there.
We will see what July and August bring.
Our listings are selling, but not quickly. We know how to generate traffic but making the
buyers committ to a purchase can be challenging as they are taking their time, for better
or worse.
My Summer Real Estate Market thoughts!
Julia McNulty, GRI, ABR, SRES,
Associate Broker
Sunday, March 2, 2008
Experience the difference with Jack & Julia McNulty
!
March 1, 2008 Update
!
March 1, 2008 UpdateNow that we have two months behind us sellers and builders remain cautious as buyer traffic improves in February. More consumers are checking out their options and low
interest rates are bringing in buyers and investors!
Some potential buyers who have been sitting on the sidelines are starting to at least research the market and ask a Realtor to show them properties.
While foreclosures may be prevalent in certain areas of the country they are not prevalent
in the Hampton Roads area which includes Hampton, Newport News, Yorktown, and
Williamsburg, VA. Currenty there are very few if any Hud forclosures, No Va foreclosures, and Bank foreclosures move quickly. Foreclosures in Williamsburg receive 4 to 5 offers
in some price ranges and sell quickly.
In January, due to low interest rates, loan refinancing reached a 12 month high, but due to rising interest rates in February the "refi" traffic dropped as rates returned to the same rates of last November. All the more reason for buyers to pay attention to loan rates and act when they are favorable. Do your homework, view properties, but stop hesitating when rates
are at all time lows!
Wednesday, February 20, 2008
Experience the Difference with Jack & Julia McNulty
!
We bring dedication, knowledge and experience to your
move and our clients love having a Real Estate Team
working for them. Because there are two of us, we can respond to our clients needs in a timely manner and we both bring different expertise and knoweldge which benefits our clients.
Today's market is an exciting market for buyers with
great seller incentives being offered in order to attract
a buyer.
You can ask us to send you one of our brochures on "How to Take Advantage
of A Buyer's Market" or "How to Avoid the 10 Biggest Selling Mistakes".
We have other advice to share with both Buyers and Sellers.
Williamsburg offers low taxes, low crime, easy access to airports, a well managed local government, and a variety of housing options. Best of all
it is vibrant and cosmopolitan yet still a small town. It has the main elements
many are looking for: low taxes, close to airports, excellent climate and
home to a college. The College of William & Mary is centrally located and considered the best small public university in the nation.
If you are considering a move to our area you may want to ask us about
new neighborhoods coming up to see if they would be a fit for you.
Ask us about High Street located right in the heart of Colonial Williamsburg within walking distance to the College of William & Mary and the historic
area. Offering townhomes and upscale shopping,.
The Village at Quarterpath is our newest subdivision which is a unique community in both style and location. It is in close proximity to Colonial
Williamsburg, just walk out your front door and in minutes you are there
strolling the historic streets. It will offer townhomes and single family
homes with a variety of master down and master up floor plans.
If it is a gated community you are seeking ask us about lots and single
family homes for sale in Ford's Colony an award winning golf community.
You certainly don't have to play golf to enjoy living with panoramic
golf and water vistas.
Jack and I can give you an overview of the area and we are not obligated
to any one community so we can give you objective answers pointing out pros
and cons to each community. We always think "resale value" and want
our clients to be at an advantage when they buy or sell.
More tomorrow!!!
!We bring dedication, knowledge and experience to your
move and our clients love having a Real Estate Team
working for them. Because there are two of us, we can respond to our clients needs in a timely manner and we both bring different expertise and knoweldge which benefits our clients.
Today's market is an exciting market for buyers with
great seller incentives being offered in order to attract
a buyer.
You can ask us to send you one of our brochures on "How to Take Advantage
of A Buyer's Market" or "How to Avoid the 10 Biggest Selling Mistakes".
We have other advice to share with both Buyers and Sellers.
Williamsburg offers low taxes, low crime, easy access to airports, a well managed local government, and a variety of housing options. Best of all
it is vibrant and cosmopolitan yet still a small town. It has the main elements
many are looking for: low taxes, close to airports, excellent climate and
home to a college. The College of William & Mary is centrally located and considered the best small public university in the nation.
If you are considering a move to our area you may want to ask us about
new neighborhoods coming up to see if they would be a fit for you.
Ask us about High Street located right in the heart of Colonial Williamsburg within walking distance to the College of William & Mary and the historic
area. Offering townhomes and upscale shopping,.
The Village at Quarterpath is our newest subdivision which is a unique community in both style and location. It is in close proximity to Colonial
Williamsburg, just walk out your front door and in minutes you are there
strolling the historic streets. It will offer townhomes and single family
homes with a variety of master down and master up floor plans.
If it is a gated community you are seeking ask us about lots and single
family homes for sale in Ford's Colony an award winning golf community.
You certainly don't have to play golf to enjoy living with panoramic
golf and water vistas.
Jack and I can give you an overview of the area and we are not obligated
to any one community so we can give you objective answers pointing out pros
and cons to each community. We always think "resale value" and want
our clients to be at an advantage when they buy or sell.
More tomorrow!!!
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