Dan and Fabiola Curran-New Weblog
Dan and Fabiola Curran are beginning a real estate blog.
If you are receiving this notice, it is because you are a past or present client of ours, or we go to church with you, or work on political issues with you, or you are lucky enough to be related to one of us.
Maybe we have not spoken with you in awhile, (sorry) but anyway, you are on our email list, so we thought we would take a chance and subscribe you to this blog. (You can easily unsubscribe or you can call Dan and I will take you off. 757-291-6494)
Why are we doing this?
1. A lot of folks are saying they want rapid real estate market updates, and the opportunity to discuss real estate issues in an open format.
2. The market is kind of slow, and this is an excellent way to help get our listings sold. (Well, at least we are honest about it.)
3. It is a good way to remind people we are still in the real estate business.
So here we go, hope you enjoy reading our blog over the coming months.
Sincerely,
Dan and Fabiola Curran
757-291-6494
Comments
Hi there. Sorry I missed your anniversary last month but nevertheless I was thinking about you both. Nice to hear from you and hope all is well with the Real Estate Business.
Posted by: Bernie Coffin | March 8, 2008 09:32 PM
So what do you see as the short, mid and long term status of the market in the Hampton Rhodes area? For those of us who might want to sell, but can also wait, can you make some suggestions? Thanks. Sharon
Sharon,
If you can wait to sell, I would probably still wait.
Regarding the Hampton Roads Market:
Short Term- Right now we are seeing the usual inventory of homes coming on the market as folks transfer out of the area. The most homes will generally hit the market in the spring. Plus, we do have a spike in foreclosed homes on the market. PLUS, and here is the big problem, we have a glut of pre-foreclosure homes hitting the market. With many of the pre-foreclosure homes, the
cost to sell is more than the house is worth, so the homes sit on the market, overpriced and langusihing, destined to eventually become foreclosures. In addition, for buyers, the rules for getting a mortgage keep changing, on almost a daily basis, while at the same time, the interest rate is bouncing +/- 1% day to day. The bouncing interest rates expands and shrinks our pool of qualified buyers.
So it is a very crazy and unpredictable time.
However, for a well qualified buyer, it can be a good time to buy, because the banks do need to make loans, and they are fighting for the well qualified buyers.
We also know this will be the year for FHA loans. (this is good)
Mid-term. We know the foreclosure inventory will increase. We have reason to believe the interest rates are going to go up. How much up depends on what Congress does in response to the crises. Homes in our area should retain their value, and if do they drop any, it should be minimal, and recovery and gains should be quick. Why? The Peninsula market was underpriced to begin with, and at the peak of the market the prices were not to far off where they should have been, based on affordabiltiy indexes.
Rule: The first to decrease in value: Condos, then townhomes, then single family homes. First to increase: Single family homes, then townhomes, then condos.
Long term- Many experts believe the market will begin to turnand recover in two years. Hampton Roads should recover fine, provided the military remains active in our area.
How did I do?
Dan
Posted by: Sharon Huber | March 9, 2008 11:32 AM