Real Estate
As mortgage rates spike, Virginia’s housing market shifts
According to the March 2022 Virginia Home Sales Report released by Virginia REALTORS®, while the spring market is off to a strong start, there are some indications of changing market conditions.
Statewide, there were 11,446 home sales in March 2022, down 6% from a year ago. This decline is due to last year being an exceptionally busy market and also to the very low inventory which has provided buyers with very few options.
In March, Virginia’s median home sales price was $375,000—nearly 12% higher than in March of last year. While year-over-year sales slowed, Virginia did see a significant jump of more than 40% in sales between February and March 2022. This uptick reflects typical seasonal housing market patterns; however, this year, it was also likely fueled by the recent spike in mortgage rates.
Over the past few weeks, rates have risen faster than they have in nearly 30 years. In the second week of April, the average rate on a 30-year fixed-rate mortgage hit 5% for the first time in 11 years.
“Mortgage rates are rising more quickly than anticipated and will likely rise further during the year,” says Virginia REALTORS® Chief Economist Ryan Price. “Many buyers are eager to purchase a home before rates increase further.”
In Virginia, supply remains historically low; inventory is now less than a third of what it was five years ago. Intense competition resulted in homes selling for 2.6% higher than list price, on average, in March. This is the highest monthly average sold-to-list price ratio in at least a decade.
While these numbers may be daunting to potential buyers, there is some indication that supply is expanding. In March, Virginia’s inventory expanded with an uptick in new listings and a slight slowdown in buyer activity. At the end of March, there were about 1,500 more active listings statewide across Virginia, a 12.1% increase from the end of February.
“It is likely that Virginia’s inventory of homes for sale will expand over the coming months,” says Virginia REALTORS® 2022 President Denise Ramey. “Many sellers are feeling pressure from increasing mortgage rates, which will lead some to list their home for property now, before higher rates lead to less buyer interest.”
The Virginia Home Sales Report is published by Virginia REALTORS®. Click here to view the full March 2022 Virginia Home Sales Report.
Real Estate
How to spot hidden defects
When you buy a house, you naturally expect the seller to tell you the truth about the quality of the construction. However, you also have a responsibility to take reasonable precautions before signing the contract. Otherwise, you could face unpleasant surprises and have no legal recourse to remedy the situation.
A visual examination of the property is crucial to ensure a seamless transaction and protect you from possible hidden defects. Be on the lookout for any clues that arouse suspicion. Rather than relying on your own judgment, trust a building expert to conduct a thorough inspection to confirm your suspicions and alleviate your concerns.
Hidden flaws may become apparent only after the purchase. In this case, the seller could refuse to take responsibility. If the matter goes to court, you’ll have a better chance of winning your case if you’ve shown that you practiced due diligence before the sale. Therefore, it’s essential to find out about the consumer laws in place to know your duties and legal recourse.
Jenspiration
Warren County Market Report for April 2022 with Jen Avery
Watch this video for a quick summary of Warren County real estate for April 2022. Is the market starting to balance back out again as interest rates begin to climb? I can share an observation or example from a listing perspective: The buyers who are offering are asking to please lock in their rates ASAP vs. previously buyers who would allow a 60-day close if it were the seller’s preference.
Buyers were willing to do anything to win the bid. Buyer desperation is not as severe now, in my opinion. Charts demonstrate the changes in the market, so be sure to click play!
In general summary:
1. New Listings are DOWN -15.9%.
2. New Pending DOWN -15.7%.
3. Closed sales are DOWN -26%
4. Average Median Sold $350,500
5. Average Days on Market 25
*If you would like a copy of this report emailed to you, please send a request to jenaveryrealtor@gmail.com.
Resource: April 2022 Market Stats by ShowingTime
Bright MLS: Statistics calculated May 2022.
Now some Community News
House of Hope
Empty Bowl Supper 2022 – Was a success!
Thank you to all of the businesses and supporters who sponsored the Empty Bowl Supper this year. You helped make it a great success bringing in about $13,000 for the House of Hope.
Click here to view video from event.
Warren Coalition
We See You, Warren County – sign up (free) online to join this “movement” to help bring our community together. Follow on Facebook! You are going to love it! #WeCUWC
Facebook page.
Sign up here.
Rock & Stroll Event – May 10
Warren Coalition organized the Rock N Stroll
Healthy living for kids 4-13. Drug prevention week.
Rock & Stroll helps to address that by educating children about how to handle their emotions and about healthy choices regarding food and exercise.
Click here for full album.
Chamber of Commerce – May 21
34th Annual Wine & Craft Festival 2022
Watch this video with locals who became movie stars for a day!
Get your tickets here today!
Humane Society of Warren County
Rough Tough & Scruffy – DATE RESCHEDULED June 18
Grab a friend and sign up for a canoe race!!! Vendors, music, and food for all to enjoy. $10.00 entry fee. Proceeds benefit the Humane Society of Warren County. Enjoy the gorgeous venue at Hazard Mill Farms, Bentonville.
Yard Sale & Bake Sale – June 2 & 3
Stop out at the Humane Society of Warren County for a two-day yard sale! Pay by donation! Proceeds from the yard sale go to the Humane Society of Warren County.
Looking for BAKERS!! The Humane Society is pairing up with the House of Hope and has invited them to run the bake sale this year at the yard sale. Let’s donate some delicious goods for the sale!!
Real Estate
How to decide if you should buy a home in the city or suburbs
The location where you choose to live will impact your lifestyle and financial situation. Here are six things to consider before deciding if you should buy your new home in the city or the suburbs.
1. Price
Homes are generally more affordable in the suburbs. However, you’ll likely spend extra money on transportation. Make sure you do the math before making a decision.
2. Services
Libraries, restaurants, stores, and hospitals are often within walking distance in the city. However, this typically isn’t the case in the suburbs. Nevertheless, some municipalities have small shops.
3. Commute
If you live in the suburbs and work in the city, you may spend a lot of time driving back and forth. If you live close to where you work, however, your commute will likely be shorter.
4. Space
Homes and yards are generally larger in the suburbs. This can be a major advantage if you have children. However, a big home requires considerable maintenance.
5. Pollution
Unless there’s a large factory nearby, air quality tends to be better in the suburbs. There’s also considerably less noise.
6. Lifestyle
If you like the hustle and bustle of the city and frequently go out, you may not be happy living in the suburbs.
Do you know where you want to live? If so, contact a real estate agent to help you find the perfect home.
Real Estate
10 signs you’re ready to own a home
Do you often think about buying a home but aren’t sure if you’re ready to take the plunge? Here are 10 signs you may be ready for homeownership.
1. You have a good credit score and enough money for a down payment.
2. You’re willing to make sacrifices and change your spending habits to pay off your mortgage and cover the costs of buying a home.
3. You’re already looking at real estate ads, staying on top of market trends, and talking about buying a home.
4. You have a stable job with a regular income and want to settle down in a particular area.
5. You’re tired of being dependent on a landlord to maintain your living space.
6. You can’t stand hearing your neighbors and want more privacy.
7. You’re resourceful and hard-working and don’t dread the responsibilities of maintaining a home and yard.
8. You’re expecting a child and want to have enough space for them to play.
9. You’d like to get a pet, and very few rental properties in your area allow animals.
10. You really want to own a home and can afford it.
If you agree with the above statements, it may be time to start shopping for a mortgage.
Jenspiration
Real Estate and Community News (March/April 2022) with Jen Avery, REALTOR
Spring is arriving. We see beautiful flowers starting to sprout. Red buds and new baby leaves are popping all around. And looking forward to this weekend… Happy Easter!
COMMUNITY NEWS
House of Hope
- Empty Bowl Supper – April 30 from 12noon to 3m
House of Hope is pleased to bring the Empty Bowl Supper to town again this year. We will be hosting the event as a “to go” event with all of our favorite pre packaged soups.- Event Link: https://fb.me/e/17pNYHd6w
- LIVE MUSIC: Passage Creek Rising will be playing at the Main Street Gazebo.
- BOWLS: Bowls will be on display up and down Main Street. The day of the event we will gather all of the bowls and set them up inside of Honey & Hops – 212 E Main Street, Front Royal VA.
- ONE STOP: Honey & Hops will be the central location for tickets, bowls, and to go soups with a few cookies for good measure!!
- COMMUNITY PAINTING: Please remember, the community is invited to paint bowls for this event. Arline Link of Explore Art & Clay – 501 E Main Street, Front Royal VA is the bowl queen! She will be throwing bowls and getting them ready for kids, grown ups, groups, seniors…anyone who is interested to paint in preparation for the event.
Humane Society of Warren County
- Barks and Bags – SOLD OUT EVENT Update to follow.
Rotary Club of Warren County
- Ride With Rotary
The Ride With Rotary was a success! Over $13,500 in sponsorship money alone! 76 registered riders. Great feedback about the ride. Cyclists said the routes were very well planned and rest stops, registration, parking were all well organized.- Link to enjoy photos: Ride with Rotary photos
Warren Coalition
- We See You, Warren County – sign up (free) online to join this “movement” to help bring our community together. Follow on Facebook! You are going to love it! #WeCUWC
- Facebook page: facebook.com/groups/wecuwc
- Sign up: warrencoalition.org/wecuwc
REAL ESTATE
Warren County Market Report for March 2022 with Jen Avery, REALTOR
Watch this video for a quick summary of Warren County real estate for March 2022. Spring market has arrived. We are still struggling with enough inventory for the demand of buyers. Charts demonstrate the changes in the market, so be sure to click play!
In general summary:
- New Listings are DOWN -10.9%.
- New Pending DOWN -17.4%.
- Closed sales are UP 5.7%
- Average Median Sold $350,000
- Average Days on Market 26
*If you would like a copy of this report emailed to you, please send request to jenaveryrealtor@gmail.com.
Resource: February 2022 Market Stats by ShowingTime
Bright MLS: Statistics calculated March 2022.
Jennifer Avery, REALTOR® “Your Happy Home Expert!”
BPOR, SRS, CNE, E-Pro Certified | Licensed in VA
jenaveryrealtor@gmail.com | 540-683-0790 | www.jenaveryrealtor.com
CRUM REALTY, INC| 318 S Loudoun St, Winchester VA 22601 | 540-662-0400
Real Estate
Virginia REALTORS® secure victory in fight for health insurance options
Governor Glenn Youngkin has approved House Bill 768 and Senate Bill 335, opening the door for the Virginia REALTORS® association, the commonwealth’s largest trade association, to explore offering health insurance options to its members. The legislation passed both the House and Senate with near-unanimous, bipartisan support.
This win comes after more than three years of efforts to pass legislation that would open the door for REALTORS® in Virginia to qualify for affordable health insurance options. Research conducted by Virginia REALTORS® in 2019 revealed that up to 20% of the association’s membership—which currently sits at more than 36,000—go without health insurance due to the prohibitive cost.
“Nearly all of our REALTOR® members are independent contractors,” says Virginia REALTORS® 2022 President Denise Ramey. “Many people don’t realize that this designation means REALTORS® do not qualify for any traditional employer-based health insurance. Even if they are affiliated with a large, prominent brokerage, health insurance is not provided to them. Finding a way to secure more insurance options for our members has been key to our legislative efforts for several years.”
Senator George Barker sponsored the bill in the Senate while Delegate Keith Hodges carried it in the House. “The passage of Senate Bill 335 and House Bill 768 marks the culmination of years of effort to bring affordable and quality healthcare to Virginia’s REALTORS®,” says Senator Barker. “I have been honored to work with the Virginia REALTORS® on this legislation and would like to thank their leadership team and staff for their countless hours of work to get this done.”
While this victory opens new opportunities for the REALTORS® of Virginia, more work lies ahead. “This is undoubtedly a huge milestone for Virginia’s REALTORS®, as we have been fighting for the passage of this legislation for years now,” says Virginia REALTORS® Senior Vice President of Government Relations Martin Johnson. “However, while many may feel as though this is the end of the process, it’s important to remember that this is, in fact, the completion of phase one. Now, our work pivots toward turning this law into a reality for our members, and we are eager to get started.”
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