Attention Seniors! Have a home to sell? Find out if NOW is the time to list!
So what is going on in the Williamsburg Real Estate Market?? Is it a good time to be selling your home?
Interest rates took a dive last week and today's rates can be had anywhere from 4.25 on a 15 year fixed to 4.75 on a 30 year fixed. Of course, these are incredible rates and should entice buyers even further. I firmly believe that there is an 'age sensitivity' to recognizing the relevance of a decline in interest rates. Those first time home buyers have been hearing about lower interest rates for a awhile now and are more inclined to be having a ho-hum attitude towards the historically low rates. More experienced buyers who have been around for awhile and have seen rates all over the board truly recognize and seem to jump on and lock on the lower rates. They recognize that not only are there tax advantages to having a mortgage but more importantly that they stand a good chance of locking the loan low and then putting their money to work for them and earning a much higher return on investments than they would by just paying cash for a home.
The home sales market in Colonial Heritage in Williamsburg, VA. is a prime example of 'age sensitivity' to interest rates or for lack of a better term- experience! This "55+ Active Adult Community" struggled as did every community in Williamsburg after the stock market plummeted in October of 2009. Lennar continued production of their homes and, as the market declined, they were faced with a glut of new construction not to mention the re-sales that added to market saturation. Values declined significantly as Lennar actively cut prices on their standing inventory. Last spring we saw interest rates plummet to all-time lows and as this happened the inventory sharply declined in Colonial Heritage and values increased. This market came close to being 'balanced' and Lennar actually had no standing inventory and buyers sought the re-sale market. The demographics of the 55+ community is obvious- these folks are no strangers to high mortgage rates and knew the value of 'cheap money'.
So is it a good time to sell? If you have a home that appeals to the more experienced buyer in Williamsburg (i.e. a rancher or a smaller home with a first floor master bedroom), my crystal ball would say that absolutley it is a great time to be selling. Position the home properly (i.e. PRICE it RIGHT!) and you should be able to move forward onto your next residence and lock your own low rate.
Please join me on
Thursday May 27th from 2:00-3:30
Verena at the Reserve
121 Reserve Way, Williamsburg, VA.
We will be discussing the current market trends in Williamsburg and what you need to do to accomplish a closed sale. Special Guest Tara Smith with Design Alternatives will also be present to give advice on down-sizing options and complete home setup as well as advice on transitioning into a senior community.