A brief recap of our overall market here in Williamsburg VA.
Well, we have good news to report on the Williamsburg VA real estate market – We have reached a point of stability.
As we move into the winter market we are starting to see things wind down. We have a 7.2 month supply of homes which is about the same level as last month. Obviously, we would like to see more sales as would our sellers but we are maintaining our sales levels, not decreasing which is more good news. Additional positive news is interest rates remain low and prices are stable so the opportunity for buyers to lock in reasonable monthly payments is available. From the buyer’s perspective, now is a great time to buy. Sellers are netting approximately 98% of list price at present. A number that has increased steadily in the past few years. ( So a home listed for $300k is selling for $294k on average)
The average selling period for home sellers here in Williamsburg is 57 days. We are expecting mortgage interest rates to rise as we move into 2015 . Right now we have great rates so take advantage while you can because the Fed still thinks it will be a “considerable time” before it begins to raise interest rates. The Zero Interest Rate Policy remains in full force, as it has been since it began at the end of 2008. This policy will change because we cannot sustain this type of monetary policy as it just continues to add to our National debt. Plus, we need a market-driven interest rate environment and a more predictable monetary policy to help foster long term economic growth. This will definitely impact our housing recovery moving forward.
I would welcome the opportunity to discuss your housing situation in more detail so please feel free to contact me via email John@MrWilliamsburg.com or give me a call 757.254.8136