Let’s talk about home prices.
In the week ending October 4th, median home sale prices had the largest year over year increase on record at 15%. At the recent HousingWire Annual Summit, Fannie Mae’s Doug Duncan said to expect those prices to keep going up as we head into 2021.
To break it down further, Redfin recently revealed that median home prices increased across all five price tiers it tracks – year over year median luxury home prices increased by 6.5%, expensive by 7.2%, medium by 7.1%, affordable by 6.3% and most affordable by 2.9%.
Now those are National numbers, so let's take a look at the local market here in Hampton Roads. YOY numbers indicate that we are exactly 7% over the median home price this time last year so we are right in line with the rest of the country. So if you thought about selling your home last year but the numbers just were not there, go ahead and tack on that 7% increase!! If you are using a Realtor to list and sell your home, that increase takes care of both sides of the commission that the Seller traditionally pays for and leaves you 1% to make any repairs that come up during your home inspection.
With interest rates falling this week to a record low (AGAIN) it really is a great time to List It. Sell It. Buy It. Love It.™