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Northern Neck Real Estate Watchers – is the time right?

Northern Neck Real Estate Watchers Piece Together Week’s News

Last week was a head-swiveling version of a follow-the-dots puzzle for those who keep tabs national news related to on Northern Neck real estate. Children like following the numbered dots to reveal a picture. You can’t be sure what it will turn out to look like until the end. The week was a lot like that:

Monday led off with the release of housing-builder sentiment: its best reading in 10 years! It was given credit for reversing an early-day 100+ point stock market drop. When the Dow closed up 68 points for the day, real estate performance got the kudos.

Monday’s dot connected to the next one, which appeared as USA Today’s early Tuesday dispatch pointing out that the previous day’s market rescue was hardly a flash in the pan. The Money section’s lead story, “Housing Provides Much-Needed Lift to Wall Street” drew a broader picture. In a ho-hum year for the broader stock market, housing-related stocks were uniformly “among the best-performing shares.” The S&P 500 may have been up less than 2% for the year, but homebuilders’ shares were up 13%; home-improvement retailers, 11.1%; home furnishings stocks, a blistering 26.1%! The reason was “the power of the resurgent real estate market to generate positive action in the stock market.”

Then, on Wednesday, CoreLogic provided the next dot with its release of the August MarketPulse roundup, pointing to a 6.5% increase in its national home price index. This was the logical next dot—one that was hardly unexpected. The predicted continuation of price increases was again explained by lean inventories, continuing low mortgage rates, and consumer confidence rated “the most optimistic in eight years.”

Thursday’s dots had been anticipated, too: the morning announcement of July existing-home sales marked the 41st consecutive month of year-over-year price gains. Volume was up, too, as sales topped an annual level of 5.5 million for the first time since early 2007. TheStreet took that as “just the latest confirmation that the housing nightmare is mostly over.”

By Friday, the last dots appeared in calm contrast to the frenetic news from Wall Street, which completed its worst week in five years. Even the real estate industry stocks which had rescued the day on Monday couldn’t buck the outrushing tide of equity losses. But the last dot for Northern Neck real estate watchers was found in the analysts’ post mortems after the market’s close, as speculation increased that the carnage on Wall Street might well be sufficient to nudge Federal Reserve decision makers away from raising interest rates in September. Real estate trackers were able to put their pencils down and relax for the weekend.

So, what was the picture the follow-the-dots puzzle revealed? The real estate industry dots seemed to trace a simple circle…with a curved line near the bottom that looked a lot like a smile.

Whether or not this fall’s real estate offerings continue to benefit from historically low mortgage interest rates (they dropped again last week!), there are definitely great opportunities for buyers and sellers. Give me a call whenever you feel the time is right to take advantage of today’s market!

Snow coming to the Northern Neck

I can’t believe it. Just a few weeks ago I was in Florida and complaining about how cold it was.

It was cold for Florida but nothing like here and now we are looking for a big snow storm.

While I was in Florida people were calling and wanting to see property. I flew back one time and actually sold a house but I persuaded the others to wait until I returned and was looking for a lot of showings in February. Well we haven’t had a decent weekend this month so I haven’t done much.

The snow is suppose to start around 5pm and we are suppose to get a fair amount. I don’t think it is going to stay around long as the temperatures are going to be in the 40’s Thursday and warm up through the weekend. They say by Tuesday the temperature will be around 60. BRING IT ON!

If you have cabin fever I don’t think you will have to suffer much longer. Spring is getting closer and the daffodils will soon be popping out of the ground. So start getting ready now by searching for Northern Neck Real Estate and when it warms up we’ll be ready to find your place in “God’s Country”.

Stay warm and keep in touch,

Northern Neck Real Estate News July 2012

 

Last night I was writing my
newsletter for July. I really thought I had done a good job. I wrote how
the market is unusual, what was going on, that Driftwood Cottage has
been reduced to $315,000, and how I would soon have 2 waterfront lots
available an hour away from Fredericksburg. I had proof read it and
thought it would be nice to say “Happy Birthday, America”. So I left my
newsletter and went to Google in search of an image. When I came back to
the newsletter it was gone so here I am on the 4th of July pounding the
keys on this computer. 
Happy Birthday America. I hope you enjoy the graphic. 

 

 

 

Before I started this newsletter
(this morning) I checked my email and in it was an article from the New
York Times, “After Years of False Hopes, Signs of a Turn in Housing”.
Let me share a few excerpts: 

  1. Announcements of a housing recovery have become a wrongheaded rite of
    summer, but after several years of false hopes, evidence is accumulating
    that the optimists may finally be right.
  2. The housing market is starting to recover. Prices are rising. Sales are
    increasing. Home builders are clearing lots and raising frames.
  3. Like the economic recovery that began three years ago, what happens next
    is likely to prove a little disappointing. The pace of recovery will
    probably be slow, and the prices of many homes will continue to decline.

Prices are rising but many homes will continue to decline. Does anybody know?

 

 

 

Here is what I find here in the Northern Neck. When I talk to other agents
they tell me they don’t have many people looking but there seem to be
more sales than in the past few years. The sellers have lowered their
prices and most will consider offers. The market has always baffled me.
That’s the truth. When things got absolutely crazy people were buying
almost anything. Now many properties are lower than when the maddest
occurred and interest is lower than 4% and agents are waiting for the
phone to ring. Personally I think the market is right for the buyer and
you can see all Northern Neck Properties and search for the one that is right for you.
Driftwood Cottage has been lowered to $315,000.Pride of Ownership radiates from this
virtually maintenance free cottage. The owners
have made many improvements over the past
few years

  • 2005 new windows, storm door, and front door
  • 2006 new roof, fascia, and soffit
  • 2008 new hot water heater and refrigerator
  • 2010 new deck with Trex decking and a new
    artesian well

Large eat in kitchen with wood burning stove. Great
views. Florida room. Pier with water and electricity. This
property is a place where kids, grandkids, and friends
will reflect on whose times at the river
with loved ones. Take a virtual tour.

 

 

Well time to bring this to an end and
get out on the water. If you are coming to the Northern Neck this
weekend remember the fireworks show in Reedville Friday night. If it is
clear we should still have a full moon so it would really be nice
watching from your boat.
Remember to keep searching the Northern Neck MLS.
If you see something you like then please call. I’m here to help.
Besides I’d love to tell those other realtors my phone is ringing off
the hook. 
 

 

 

Ken

Joe Self Realty, INCKen Smith Agent580 Northumberland Hwy.

Callao, VA 22435

 

 

 

 

Disclaimer Ken Smith is a Licensed Realtor Commonwealth of Virginia

Ken Smith ken@ksmithre.com 804-366-2325
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