Home Prices are on the rise in the Fredericskburg Virginia and Surrounding counties
Barbara Jennings and Douglas Jennings owners of The Jennings Team with Keller Williams Reality here in Fredericksburg Virginia. Barbara Jennings says."I am seeing more and more homes going on the market here and going under contract quicker then this time last year. I think that with the low inventory and low interest rates that buyers are not wanting to wait. They are unsure of what the rates will do in January and they are out searching and putting offers in on property."
Home prices in most metropolitan areas grew significantly in the third quarter, with the national median price rising at its fastest annual clip in nearly eight years, according to the National Association of Realtors (NAR). - See more at: http://www.inman.com/2013/11/06/home-prices-post-highest-annual-gain-in-nearly-8-years/#sthash.x7r8b74B.dpuf
Other good news is that FHA has a New Program out that allows buyers to purchase a home after a foreclosure certain restrictions apply however this too has helped with the home purchases in the recent month. This is a new program and allows folks who experienced a hardship to be homeowners again sooner than the 7 year wait they previously had to wait. Barbara and Douglas Jennings with The Jennings Team of Keller Williams Fredericksburg Va have helped many homeowners with a short sale in the past and they are reaching out to these folks and connecting them with lenders to find out if they qualify for this new program. Barbara Jennings said; " it will be nice to be able to help those folks become homeowners again". Many of these folks had good credit however had got stuck with a bad loan and the payments just kept going up and on top of it they paid top dollar for a house. These homeowners were so upside down The Jennings Team worked with many who were "Strategic defaulters " they had enough business sense to know that now is the time to bail out of the boat or house if you know what I mean. If the water is coming in at some point it's better just to jump in and just get wet!
Well as the market picks up and these and other buyers get back into the market along with the builders we will continue to see the prices rise however not at the rate that we saw back in 2004 , 2005 or 2006. I think that the lenders and buyers together are working together this time around to keep people in their homes this go around. I think many have learned their lesson so we hope!
At the end of the day Barbara Jennings with The Jennings Team of Keller Williams Fredericksburg , Va says: " All I know is that The Jennings Team is selling homes and that the market is what it is and my job is to let buyers and sellers know what is going on and what I see happening in the market today. I am always searching out the latest and greatest what's new to help sellers sell and how can I make the home buying process go as smooth as possible for a buyer." Now is a great time to Sell and Buy a house rates are still under 5% and if one wants to downsize or upgrade let Barbara & Douglas Jennings with The Jennings Team of Keller Williams Fredericksburg help you when you or your family decide to get into the market of buying and selling Real Estate in the Fredericksburg, Virginia area.