So, what does the future hold for Hampton Roads real estate in 2008? Here are our predictions:
#1 Sales will remain relatively flat. Given the record numbers in the past few years, a flat market is not a bad thing. The pace will be steady enough to begin to whittle away at competitively priced inventory, as new listings coming on the market will slow somewhat in 2008. Average market time will increase slightly, but the market will continue to move toward a balance between buyers and sellers.
#2 Interest rates will remain low. Although there may be some fluctuations during the year, overall rates will hover in the 6% range. The combination of election year influence, and the key role that the housing market plays in the overall health of the economy means that the Fed will most likely ensure that rates don't tick up too far.
#3 The mortgage market will see a few more major upsets before beginning to settle down toward the end of 2008. I don't believe we've seen the end of major players going under, primarily because certain segments of the country haven't experienced the worst of the downturn yet. It will be more important than ever that buyers use reliable local lenders, and ensure that loan commitments are in writing. As mortgage companies pick up the pieces, we will see new products available to replace many discontinued programs; however, loans will continue to be credit score driven, and the sub-prime market will continue to decline.
#4 Foreclosures nationally will see major spikes. Fortunately, our local market will not feel the worst crunch of this, because of a stronger than average local economy. We will, however, see a steady rise in REO inventory, and a renewed supply of VA and HUD foreclosures. This will result in a surge of investors in the market, which were absent in the recent sellers' market. This is a great opportunity for both investors and Realtors who are skilled in the investor market.
#5 Appreciation will see modest gains. This is great news for sellers, who will be able to capitalize on major price gains in the past 5 years. The key will be to be realistic about pricing, and invest the effort in making sure that listing inventory is in tip top shape. This is sort of an enigma of the current market, and a sign that the foundation of our local real estate market is still strong, despite the slow down in sales.
#6 2008 will be the best buyers' market that we have seen in years. The combination of substantial inventory, nervous sellers, and low interest rates means great deals for savvy buyers. Even those buyers who have homes to sell in order to move can capitalize on good opportunities.
CLICK HERE FOR Real Estate Home Search Tidewater Hampton Roads Va
For More information contact John Womeldorf/ Mr Williamsburg/ Liz Moore & Associates
757 254 8136
John@MrWilliamsburg.com email
lwww.MrWilliamsburg.com/ website
www.MrHamptonroads.com/ website
www.MrTidewater.com/ website
www.MrVaBeach.com/ website
Williamsburg Virginia Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH
Showing posts with label williamsburg va. Show all posts
Showing posts with label williamsburg va. Show all posts
Saturday, January 05, 2008
Sunday, November 04, 2007
Villas at Five Forks Williamsburg VA James City County
The Villas at Five Forks is a quaint village of just 90 homes offering the finest in upscale condominium living. The award winning homes are designed to offer residents quality, single story living with a variety of condominium services. There are four models available that offer two or three bedrooms. All feature a two car garage as well as a garden patio or veranda. Pre construction pricing starts in the low $330's
Within the neighborhood are a heated pool and community center with a fitness room. Services provided with home ownership include lawn mowing, fertilization and weed control, landscape maintenance, snow removal ( if it ever snows) and exterior building maintenance.
Located in the heart of the Historic Triangle of Jamestown, Williamsburg and Yorktown it is right down the road from New Town and within walking distance to grocery stores, restaurants, shops ,banks, etc. The James and Chickahominy rivers are close by as is the award winning Williamsburg National Golf Course.
The Villas at Five Forks is specifically designed to enhance the natural beauty of the surrounding environment. This upscale community will offer a quaint , village atmosphere with tree lined streets, green spaces with colorful flowers, sidewalks,park benches, lush green lawns and walking trail
For additional Info contact John Womeldorf/ Liz Moore & Associates 757 254 8136
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