3 signs 2019 is going to be a hot market

Existing home sales, housing units authorized (but not yet started) and real disposable personal income will be key indicators   BYANDREW DUGUAY   We all know last year was a seller’s market in residential real estate. Supply has been low and housing starts are down 1.4 percent year-over-year, which has lead to increasing home prices and a reduction in the total number of homes sold.

The upshot is that total revenue has remained flat: Fewer sales were made, but the sales that were made came at higher price points.

Real estate professionals everywhere are wondering what’s in store for the year ahead — read on to find out why 2019 will be a growth year

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House flipping isn't nearly as glamorous or as easy as it looks on HGTV.  Here are some of the ways reality TV isn't very realistic when it comes to flipping homes:

1.  Budget - The renovation costs they throw around for these flips are way too low.  Especially given the time frame they expect the house to be completed in.  Which gets me to my next unreality.

2.  Schedule - Flipping a home in less than 4 weeks is near impossible.  Getting that many trades people to coordinate around each other and ensuring there is no down time is one of the biggest reasons.  

3.  Selling it - Here is where it is a little bit more realistic.  They seem to understand pricing it to the comparable sales in the neighborhood.  What always cracks me up is that they

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The Art of Selling Your Home

Selling a home is much an art as it is a science.  Everything that we do when we help a client sell a home is built on one simple premise. 

We aim to create a positive emotional response with buyers as soon as they step into your home

So what does that mean????

A persons home is very personal.  A home is where you bring your first born child back to from the hospital.  A home is where you have Christmas morning every year.  A home is where you invite your best friends over to play board games and share a meal with.  A home is where you create the vast majority of the memories that you will carry with you through out your life.  So with something as personal and reminiscent as your home, it is safe to say that a

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Top Ten Things to Look For In A Realtor

1.     Get a licensed agent working full time. Full service means the agent is working for you whenever you are in need. Full time agents are best prepared to resolve problems that crop up during negotiations and inspections as well as those that occur after the purchase.  You really don't want to work with someone that dabbles in real estate when making such a large purchase.

2.     Get an agent with passion, enthusiasm and dedication. This is the agent who goes the extra mile to get the best results, even when the going gets tough.

3.     Get an agent with market savvy. Consistent sales in a given neighborhood reveals geographic market smarts that can save money. Knowledge is key.

4.    

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Here are some fun Christmas activities for your family this holiday season.

CHRISTMAS EVENTS 2018

November 9 - December 15, 2018
Million Bulb Walk - Norfolk Botanical Gardens
Enjoy a healthy walk through 2 miles of holiday light displays at Norfolk Botanical Gardens

November 17, 2018 - January 5, 2019 (select days)
Busch Gardens Christmas Town
Holiday lights, shows and shopping.

November 17, 2018
Norfolk Grand Illumination Parade
The skylines of Norfolk and Portsmouth light up, then the big parade begins. Norfolk, VA.

November 22, 2018 - December 30, 2018
Holiday Lights at the Beach
The Merry Mile, a shorter lights display premiered in 2017 will take place along the Boardwalk from 8th Street to 22nd Street. 

November 22, 2018 - January 1, 2019

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Should you Sell or should you Renovate???

Over the past few years, two trends have emerged in the housing market:

1. Home renovations have shot up
2. Inventory of homes available for sale on the market has dropped

 A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors, we are currently at a 4.4-month supply.

This low inventory environment has many current homeowners worried that they would be unable to find a home to buy if they were to list and sell their current houses, which is causing many homeowners to instead renovate their homes in an attempt to fit their needs.

According to Home Advisor, homeowners

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The Truth about Short Sales

When we meet with buyers for the first time, part of our buyer counselling is to explain the difference between a short sale and a foreclosure and also explain the pros and cons of buying them.  I am sure anyone who has done online home shopping has seen a home pop up in a neighborhood they have had their eye on that seems like a deal too good the be true.  The chances are that that property is a short sale.  So what is a short sale?

Short Sale Example:

A homeowner named Bob bought his home at the peak of the housing bubble for $300,000.  The recession hit and home values in his neighborhood took a big hit.  Values started to recover in the past few years but his home is now only worth $250,000.  He owes $280,000 and

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When is the best time to buy and sell a home?

We get this question a lot.  The general consensus is that the spring is the best time to buy or sell a home and the winter is the worst.  Well lets look at the data to see what it says. 

As you can see there are definitely more sales during the spring and summer, peaking in June each year.  To be precise, approximately 40% more sales in June than in January.  There also pretty consistent trends that have a dip in July and November due to vacation plans and the holidays.  August and December often times see an increase in closings due to people trying to close before school starts or before the end of the calendar year. 

What about the number of homes on the market?

I won't put another graph up

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The short answer is NO.  Real estate values are very micro.  By micro, I mean that they can change from one street to the next, from one school district to another.  In some cases values can change significantly.  I can speak from experience that It has taken years of experience to be able to accurately valuate a property taking into account all the nuances that add or detract value.  Here is a real world example of a property that just had an appraisal done.  The appraisers job is to evaluate all of the micro factors that dictate the value of a property.  There is no algorithm that spits it out, it is a manual review, using their local knowledge and analysis of market conditions.  In this situation the property was valued at $700,000.  The Zestimate for

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We love Hampton Roads - and it’s our pleasure to work with the military men and women in our region. We understand the unique real estate needs of our military community. In fact, many of our agents are Veterans, MilSpouses or have completed advanced training allowing them to better serve our military.

Whether you’re PCSing from another part of the country, looking to buy or sell locally, or just need the professional guidance of a REALTOR®, we’ve got all your needs covered. No one knows the local market better than we do, we are truly "A Hampton Roads Original". Let us make the process of moving a smooth and enjoyable experience. We’re proud to serve our military!