The housing market is hot, with prices rising as demand far outpaces supply in almost every region. However, when it comes to luxury real estate, things are quite different. In the upper-end market, inventory is plentiful in most locations, including the Hampton Roads area.
For that reason, prices haven’t skyrocketed as they have in the lower and mid-tier markets. This, coupled with sensational mortgage rates, means that this may be the perfect time to purchase the luxury property you have always desired, especially when utilizing the top agents at Abrams Realty
Let’s break it down into the three major reasons to act now:
1. There are more homes from which to choose
According to a recentWall Street Journalarticle, inventory in the upper end is increasing, while it is decreasing at the lower and mid-tier price ranges. Here is a graph showing the average increase/decrease in inventory for the first four months of this year as compared to last year:
2. Prices are becoming more reasonable
In a separatearticle, theWall Street Journalalso talked about prices in the luxury market. They explained that downward price adjustments have been more common in the luxury market than in markets with lower prices. They went on to say:
“The growing number of price cuts suggests luxury-home sellers are becoming more realistic about property values as sales have slowed, said several real-estate veterans.”
Not only will you have more to choose from, but you may also be able to get the property at a reduced price.
3. Mortgage rates are at historic lows
In the past, one of the drawbacks to purchasing a luxury property was the larger mortgage rate on “jumbo” loans which are often required on high end properties.
However,HSH.comjust revealed that jumbo rates just set new record lows:
“While conforming fixed-rate mortgages eased a little this week, 30-year fixed-rate jumbos declined enough to break into new record low territory (3.66%), besting the previous low set in April by two basis points.”
More choices, better prices and historically low mortgage rates may make this the perfect time for you to own one of those luxury properties in Hampton Roads, you and your family have always fantasized about.
Author:Liz Abrams Phone: 757-301-1507 Dated: March 15th 2017 Views: 151 About Liz: Liz Abrams is co-founder and CEO of Abrams Realty. She and her Husband, Jim, Abrams, own and manage ...
Abrams Realty is a full service real estate company for all of your real estate needs including Residential Real Estate and Commercial Real Estate. Abrams Realty provides Property Management services.
We service all of Hampton Roads. This includes Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Newport News, Hampton and Poquoson.
Our Mission Statment
“To approach every relationship with an optimistic attitude, ethical professionalism, steadfast belief in our talents, and a determined focus on serving every customer and client to the very best of our ability.”
Abrams Realty believes in providing exceptional service in all situations. We are Military Friendly Real Estate Agents, understand PCS moves and help our military move daily!
We believe service comes before sales and hope to develop a great relationship with each of our clients!
"We knew exactly what we wanted but were not sure of how to find it. We also didn't know where to start. Zach took all of those worries from us, answered all of our questions and even asked questions so he knew which houses to weed out of the list. He found us our "diamond" that our family can continue growing in without growing out of. He had AMAZING attention to details and if I called/emailed/texted with any question he got back to me immediately with the answers. I am glad we found our "diamond" of a real estate agent and made this a comfortable and happy experience.