Existing-Home Sales: May 2015

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Virginia Beach Homes

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Weekly Marketing Tip

WEEKLY MARKETING TIPS

Social Media Links

  • Are you on Social Media? Do your clients know how to find you?
  • One of the best ways to get your Social Media sites noticed is to add Social Media Links to your website and vice versa!
  • The more links you share, the more authenticity you gain on search engines in your area
  • Basically, if you’re online, you need to make it incredibly easy for people to find you and get in touch with you. Links get this done and can boost your rankings!

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Mortgage Rates Just Jumped Over 4%. Now What?

Last week, mortgage interest rates jumped over the 4% mark for the first time this year according to Freddie Mac’s Mortgage Market Survey.

In an article in Housing Wire, a Bankrate analyst explained:

“Mortgage rates rocketed higher following a stronger than expected monthly employment report. The good news on the job front further solidifies the notion that the Federal Reserve will likely begin raising interest rates soon, perhaps in the third quarter of this year.”

This is the same type of commentary we heard back in the spring of 2013 when the talk of the Fed possibly raising rates caused mortgage interest rates to surge by a full percentage point from the end of April through the end of June of that year.

Will We See that Same Surge in 2015?

No one knows for sure. However, Fannie Mae, Freddie Mac, the Mortgage Bankers Association and the National Association of Realtors are each calling for rates to continue their upswing over the next six quarters.

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Bottom Line

Though no one can definitely say where rates will be six months from now, most experts believe they will be higher. If you are thinking of buying your first home or are considering a move up to the house of your family’s dreams, now may be the best time to do it.

Source

Search Virginia Beach Homes

Weekly Marketing Tip

Weekly Marketing Tips

Using Linkedin for Real Estate Leads

  • Complete your profile thoughtfully- Fill it out as completely as possible with a headshot, your specialties, and use keywords about your business in your professional headline (the link below your name).
  • Post updates- Similar to Facebook and Google+. Post links to relevant content, videos, etc. and encourage others to comment or share your posts to get an even larger audience.
  • Join relevant local and professional groups- you can then interact with anyone in the group and expand your network.
  • Find peers and see who is looking at your profile- Connect with professionals you know and have worked with. Click “Who’s Viewed Your Profile” to get insights on who is visiting your page. Reach out to people who may be potential leads clicking on your profile.

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Things Are Looking Up for Housing

virginia beach homes

Americans’ attitudes about the housing market are strengthening, according to Fannie Mae’s May 2015 National Housing Survey, a survey of about 1,000 consumers on their views about home ownership. This echoes recent forecasts that predict a pickup in housing activity for the year.

In the latest survey, more consumers reported an increase in household income, nearing an all-time survey high. The growth in wages falls in line with the recent positive jobs report that showed an increase in average hourly earnings. The percentage of consumers surveyed by Fannie Mae who say their household income is “significantly higher” than 12 months ago grew six percentage points to 28 percent over the past two months.

“As job growth appears to be driving meaningful income growth, the outlook for housing market growth also is improving,” according to Fannie Mae’s report.

The share of consumers who say now is a good time to sell a home continues to rise, also reaching an all-time survey high in May at 49 percent of respondents. That marks six percentage points higher than last year. What’s more, the number of consumers who say they would prefer to buy rather than rent a home on their next move rose three percentage points in May to 66 percent.

“Things are looking up for housing,” says Doug Duncan, senior vice president and chief economist at Fannie Mae, who notes the survey high of those who say it’s a good time to sell as well as the growing percentage of consumers who say their household income is significantly higher than last year. “We have found that these two indicators – good time to sell and income growth – are key drivers for the performance of the housing market. The increase in these indicators suggests our forecast of moderate improvement in the housing market in 2015 is on course and mirrors the near-term performance of other leading market data, including mortgage applications and pending home sales.”

The survey also found:

  • Consumers say they believe home prices will rise by 2.8 percent, on average, in the next 12 months.
  • The number of respondents who believe mortgage rates will go up in the next 12 months dropped to 47 percent.
  • Consumers say they believe rental prices will rise about 4.3 percent in the next 12 months.
  • The percentage of respondents who believe it would be easy to get a home mortgage fell by 2 percentage points to 50 percent, while those who think it would be difficult remained at 46 percent.

Source: Fannie Mae

Source

Virginia Beach Homes

Weekly Marketing Tip

Embrace Selling Yourself and Your Business

  • Sales is not about manipulation and misrepresentation.
  • When you embrace the fact that you are selling yourself and your services to buyers and sellers, you can concentrate on developing professional selling skills.
  • With those skills, you can help more people because you’ll have a way to communicate the benefits you bring to buyers and sellers. You’ll be able to be more skillful in helping your clients define their needs.

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Mortgage Rates Over the Last 40 Years

Here is a look at mortgage rates over the last 40 years.  Interested in getting a mortgage in Hampton Roads?  We have 2 loan officers conveniently located in our office building.  Call Lisa Wynkoop or Lori Donnelly with Atlantic Bay Mortgage Group at 757-490-9499 to get started!

virginia beach interest rates