Real Estate Trends in 2017

Welcome to 2017! Here are the new real estate trends that could affect you as you consider buying and/or selling a home in Hampton Roads this year.

• Historically low mortgage rates are going to start rising
• Home values have recovered and are at a new high
• Small homes are edging out larger homes in price growth
• The job market is improving
• Inventory shifts will favor sellers in some ways
• Many millenials are living with family members longer
• Making some renovations yourself is trendy, more accessible than ever before, and can help buyers save money on the sales price
• The market varies greatly from one location to another

The next 6 months will be a great time to lock in a still-historically low rate before mortgage rates continue to increase. It will also be an optimal time in many markets for growing families to move to a larger home, because the average price on a smaller home (2 bedroom) has risen more rapidly than the average price on larger homes (4+ bedroom).

Sellers will gain a slight advantage in many markets, but buyers still have many opportunities, especially if they are flexible.

Our agents know how these national trends are manifesting in Hampton Roads. Are you military relocating to or from the area? Are you a first time home buyer, a growing family buying your second home, or an empty nester looking to downsize? Talk to us about your situation. We want to help you with your next real estate adventure, whatever that holds for you in 2017.

Get started by meeting our agents, or search homes and inquire about a property. Our specialties include new construction, military, and first time homebuyers, and our real estate agents are local respected experts.