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Inventory is Low and Rates Have Dropped – What’s Your Next Move?

Interest rates decreasing

Mortgage rates are nearing an all-time low and they’ve recently dropped- again! What does that mean for you? A couple of things, actually.

If you have good credit, rates on a 30-year fixed-rate mortgage have dropped from about 4.5% to around 3.5% over the past year. When rates are low, buyers are able to afford a little bit more house without seeing significant changes in their monthly payment. Let’s say you are looking to purchase a $250,000 home, the current median sales price in Hampton Roads. With a lower interest rate, you could be searching for homes up to $285,000 instead with very little impact to your mortgage payment. Depending on where you are in our region, that slight bump in investment could mean a totally different ballgame, opening up your search to homes that otherwise would not have been affordable.

According to local Mortgage Advisor, Colby Raymond, “The Coronavirus is taking a toll on the global economy. As investors are pulling funds out of the global stock markets, more funds are being pumped into Mortgage Backed Securities. We are quickly seeing historically low rates within the markets. Now is the time for buyers to take advantage for more buying power and for current home owners to make sure they have the best mortgage structure for financial success.” Raymond suggests checking with your preferred local loan officer to discuss your options as getting pre-approved is the first step to a successful homebuying process.

If you have been contemplating purchasing a home, now is a good time to find an agent and start looking. Inventory is low and the buyer pool is high. Homes are moving quickly- sometimes faster than the information can get to national websites! With a median of only 30 days on the market (down 14% since 2017) here in Coastal Virginia, homes are literally flying off the shelves. It’s been said that home ownership is the single best way to build wealth. It looks like this long held American Dream is currently being fulfilled right now in the 757!

Powered by the local Multiple Listing Service (MLS), Real Estate Information Network Inc, REIN.com is a good place to start your home buying journey. Homegrown and deeply rooted in the Hampton Roads community for over 50 years, Real Estate Information Network (REIN) is the source of the information. And, as a cooperative MLS, any of our 8,000 agents would be happy to assist you. Start calculating your monthly mortgage payments now by using the mortgage calculator, refinance calculator, and the Rent vs Buy calculator found on REIN.com.

Once you find a home on REIN.com that peaks your interest, you can:

  • Contact the Listing Agent directly from the listing
  • Use the “Share This” feature to email the property to your preferred Agent
  • Reach out to the Brokerage for more information
  • Email the home listing to friends and family to get their thoughts
  • Share to Facebook or Twitter to gather intel from your social buddies

Start with the Source. Share the Source. REIN.com.