Barry talks about the impact of rising rates on the real estate market in a WTKR News 3 interview.
Barry and team continue to be a leader in Hampton Roads, as they have been for many years. Barry’s experience and knowledge in the industry is unrivaled, and they continue to work hard to provide the best possible service to their clients.
Local news featured Better Homes and Gardens Real Estate’s Chief Marketing Officer, Barry Jenkins, as he talked about increasing mortgage rates on the Hampton Road. Most first-time home buyers today struggle to find their dream home as inflation and higher interest rates drive housing prices up.
The rising interest rates are now at 5%, causing aspiring homebuyers to face a new challenge.
“When interest rates go up to 5 to 6 percent, you’re probably going to be looking at $2,200 to $2,400 a month,” Barry said.
According to Redfin, the impact of interest rates changes buyers’ motivation. Instead of having a sense of urgency to purchase the house before rates rise further, many are stepping back because they can no longer afford home-buying costs.
Virginia Beach has reached the eighth spot for cities with the highest bidding-war rates in the country.
Bidding wars happen when multiple offers on a property signify that many are interested in buying it. More parties offer higher prices than the listed price to secure the ownership of the house.
Barry mentioned that the average home prices have gone up to an average of $405,000 for the previous month in Hampton roads. Aspiring buyers are finding ways to stretch their budget and generate enough money for their houses. “My best advice for someone to buy right now is to have an open conversation with your agent and your mortgage loan officer. The truth of the matter is the data is clear,” Barry added.
Barry and Team
Barry and his team of agents from Barry Jenkins – Better Homes & Gardens Real Estate | Real Estate Agents in Virginia Beach, VA have been in the real estate business serving clients across Hampton, Virginia Beach, Norfolk, Chesapeake, and other cities of VA for a long time.
Its brand upholds its mission to serve with passion and honor any collaboration. The agency know the community very well and will share with you the details you need to know to aid you in making the best decisions.
They provide excellent services to their clients, especially finding solutions to their concerns. And they are committed and helpful agents who take care of the quality of life their clients look forward to. They strive to make constant efforts to prioritize their clients because they value each one of them. When facing challenges, let the expert help you find the right solution.
People who have rented most of their lives are now looking for a new home, but the competitive housing market has been unforgiving, causing first-time buyers to break down and feel anxious. Instead of being excited about searching for a home, it has been stressful these days. The strong demand for houses may be caused by the influx of the military population coming to the Hamptons Road.
News 3 asked Barry if it’s a wise time to buy or if should people continue to rent.
He responded,
“When you’re renting, there’s a landlord that’s profiting off of your monthly rent, so by definition, it’s always going to be more.”
Moreover, investors engaged in the rental business saw opportunities after the pandemic had affected them. The rent costs around Hampton Roads have risen by 20%. It has been a challenge to find an affordable place to live. Along with inflation, price hikes continue, and with shocking lease renewals, renters are facing turmoil.
The housing market rates and interest rates have no signs of going the other way and are expected to continue increasing. Barry and team will continue to be a leader in Hampton Roads and they are always willing to go the extra mile to ensure that their clients are happy and satisfied.
For more information about Barry Jenkins – Better Homes & Gardens Real Estate | Real Estate Agents in Virginia Beach, VA, access their website or visit their office, where you can find many top agents in the industry and Barry Jenkins himself.
