Hampton Roads Real Estate Ramblings

Hello Hampton Roads, If you're in the market to buy a home today you know it's tough out there! You've saved and worked hard to be able to buy and when you finally find a home you like, chances are you will still be competing with other buyers. So today I want to talk about why homes are still selling quickly inspite of higher mortgage rates and what you can do to help with housing affordability.  Ready to learn how to navigate this market to help you buy a home?  Let's go! Expectations vs. Reality  The expectation was that mortgage rates would be trending lower this year and housing prices would normalize and drop too. However, the reality is that mortgage rates now stand at 7.5% and sold home prices in Hampton Roads are up 5.4% from a year ago! Inflation has proven to be sticky and there's less demand for treasuries so interests rates have to go up.  Mortgage rates which follow the 10yr Treasury have increased and housing affordability is at an all time low.  Here