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Mortgage rates climbed back above 6.5% this week, but purchase applications have been rising, suggesting the spring market is finally finding its footing.
As always, payment affordability is the key, not just rates. I'm here to walk your clients through the steps - just give me a call!
Stacey and Elizabeth

In the Wall Street Journal today:

Home Builders Are Getting Buried in Claims of Shoddy Construction Legal liabilities for big builders have surged. Industry representatives say lawyers encourage homeowners to pursue dubious allegations.

Demand is clearly picking up heading into spring, with pending sales outpacing closed sales in both categories. Single-family inventory remains tight, keeping prices elevated, while the condo market is offering more choices at lower prices — a potential opportunity for budget-conscious buyers. The housing market showed steady activity in March, with sales gains across both property types despite tightening inventory on the single-family side.

Single-Family Homes
Closed sales rose 5.2% year-over-year to 1,299, and pending sales jumped 8.4% to 1,723 — a strong signal of continued buyer demand. The median sales price climbed to $410,000 (up from $399,900), though homes are sitting slightly longer at 39 days on market versus 37 last year. Available inventory dipped 8.3% to 2,220 homes, meaning buyers have fewer options to choose from.

Condos & Townhomes
Sales were essentially flat at 243 (up just 0.4%), but pending sales surged 12.6% to 330, suggesting momentum building into spring. The median price dipped 8.6% to $360,000, which could be attracting more buyers. Days on market increased noticeably — from 38 to 46 days — and inventory grew 13.8% to 699 units, giving condo buyers more selection.

Key Virginia markets see year-over-year home sale increases in March Housing markets across Northern Virginia, Central Virginia and Hampton Roads posted year-over-year sales gains in March.

Powhatan County makes the list at #49.

Cities with the fastest-growing home prices in Virginia Stacker compiled a list of cities with the fastest-growing home prices in Virginia using data from Zillow.

Being able to insure a home plays a key role in buying and selling homes. This New York Times podcast from a year ago takes a look at the alarming trend of homeowners insurance markets across the United States.

The Possible Collapse of the U.S. Home Insurance System Across the United States, more frequent extreme weather is starting to cause the home insurance market to buckle, even for those who have paid their premiums...