The Seller's Market Survives in Tidewater
The 30-year fixed-rate mortgage averaged 6.49 percent, a high not reached since the week of July 12, 2002. The 15-year fixed-rate mortgage averaged 6.14 percent, a high last reached on July 13, 2002. Freddie Mac currently predicts 30-year mortgage rates will move between 6.25 percent 6.75 percent during 2006. Adjustable Rate Mortgages have also increased when compared to April of 2005. To learn more about the difference between long term and adjustable rate mortgages read my article "More Bang For Your Buck With Mortgages". This increase in mortgage rates shouldn't scare sellers though. David Lereah, NAR’s chief economist, states, “economic growth and job creation are providing a favorable backdrop for the housing market, but rising interest rates have an offsetting effect." “Home sales will move up and down somewhat over the remainder of the year but stay at a high plateau, meaning this will be the third strongest year on record,” continues Lereah. The Real Estate Scene in Tidewater and Hampton Roads, Virginia Across the United States the real estate market has slowed. However, in the Tidewater and Hampton Roads region of coastal Virginia, which includes Williamsburg, Virginia Beach, York County, Smithfield and many other wonderful locations, the real estate market continues to favor sellers while adjusting. Although mortgage rates continue to increase, home values also continue to rise. The explosive nature of the sellers market in 2005 seems to have dissipated, however, in places like York County buyer overbidding on a prime property is not unheard of.Pages: 1 [2] 3
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