Foresight is 20/20!
Until now, the proverb went a little differently. But I have a treat in store for you to start the New Year...
"Providing a Sea of Real Estate Service" is my slogan. It's a play on my name Windy C (or Seay for my longer-term friends) and the desire to provide real value to my friends, neighbors, and clients. One thing that 15 years serving the real estate community in Hampton Roads/Tidewater/"the 757" has provided me is the knowledge on when and where to get things. Some say that hindsight is 20/20, but this year, I'm proving that its FORESIGHT that's best by providing you with "The Best Time to Buy" calendar and monthly tips. Make sure that you receive Notifications on my Facebook page Windy Crutchfield, Realtor and/or that I have your email address to get the most from this year-long campaign. I look forward to hearing your feedback, so I can build an even better calendar for your benefit in 2021!
The truth is that it is not hard to predict the future when you carefully evaluate the past. Every December, I give you my projection for the housing market in Hampton Roads in the year ahead. It's based on the monthly Housing Market Review that I do, as well as a study of economists' expectations. I post on this page for you and for some of my colleagues that follow it, but admittedly, it's not a riveting read. However, it's important for me to be as close as possible to the data that's available, so I can give the best advice to my clients. In an effort to not be so long-WINDed as I tend to be, I'm going to slim the content down this year and use more visuals.
Housing Market Projections for 2020
Low inventory and high demand will continue to be the story in the lower price points for the upcoming year. Market conditions are very strong. Federal and defense spending in Virginia is up alongside private sector job creation and wages. Unemployment is below 3% and GDP is expected to increase over 2% this coming year, the 5th consecutive year of growth. Consumer confidence is off the charts with Amazon reporting it's best holiday sales ever. Interest rates are down a percentage point from where they started 2019, providing opportunities for existing home owners to refinance. The low inventory is caused by the home ownership demands of Millennials combined with the Baby Boomers holding back inventory by Aging-in-Place. The lack of inventory is also causing price increases and making it more difficult for first-time buyers to break into the game. Expect first time buyers to be frustrated by the limited options and price increases. Sellers in the higher price points are not only competing with other sellers, but for those who are choosing to renovate their homes instead of buying up. Price appreciation was 3.55% in Virginia Beach in 2019. Expect that to reach 4% as economic expansion continues in 2020.
It's easy to know the right thing to do before it happens when you put Foresight into practice. I'm here to help you evaluate your market and position yourself for successful real estate activity. And for those planning to buy home products, I'm here to help you know when the majority of the discounts are available to you. I am grateful for your feedback, support, and referrals in 2020!
Happy New Year!