Stay Up to Date on Real Estate in
Virginia Beach

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the local market.

 

BARRY & TEAM CONTINUE TO BE A LEADER IN HAMPTON ROADS

 

Proposed bill would make Virginia home sellers disclose a lot more about flood risk

Written by Katherine Hafner | WHRO.org

 

Federal interest rate hike could give power back to Hampton Roads home buyers

by Amy Avery | WAVY.com

HAMPTON ROADS, Va. (WAVY) – The Federal Reserve has raised interest rates for the sixth time this year.

…Even though mortgage rates going up seems like bad news for the housing market, it could cause home prices to go down which would give power back to buyers.

“The homes are still selling and transaction counts will stay the same which is good for Hampton Roads,” said Better Homes and Gardens Real Estate Native American Group Chief Marketing Officer, Barry Jenkins. “It also is good for buyers that were unable to buy a year ago because they didn’t have all that extra cash to come up with.”

However, with high inflation, Jenkins says it may be smart as a seller to lower your budget or look in a different area so your wallet isn’t stretched thin…

Buyers backing out of real estate deals

by: Julius Ayo | WAVY.com


Better Homes and Gardens Real Estate’s Barry Jenkins has been in the real estate business for 24 years. With about a month’s worth of inventory in Hampton Roads right now, Jenkins says the market is stable, but it is a seller’s market.

“[With] some houses, we get 15, 20, or 25 offers on it because everybody wanted to buy the same house,” said Jenkins. “Well, now you’re not competing with that extreme amount of people. You might be up against 3 or 4 people.”

For those looking to buy a house right now, he suggests focusing on the “why.”

What is the reason why you want to buy a home?

“The data is very clear. When you look at real estate from a ten-year vantage point, it always comes out on top. And that’s because we always have a demand for a roof over our heads,” said Jenkins…

 

Tips for homebuyers as VB sees some of the highest bidding war rates in the country

by Jon Dowding | WAVY.com

VIRGINIA BEACH, Va. (WAVY) — Buying a new home won’t be a walk in the park, especially in Virginia Beach, where the city is one of 10 cities in the country with the highest bidding-war rates.

According to Redfin, Virginia Beach ranks number eight in the country for cities with the highest bidding-war rates in the country, with 75% of offers facing competitive bidding wars.

Chief Marketing Officer Barry Jenkins with Better Homes & Gardens Real Estate Hampton Roads office says it’s mainly due to the high influx of military populations coming to Hampton Roads who need to quickly buy a home…

'I have broken down sometimes': Mortgage rates increase making it difficult for local first-time home buyers

by Kelsey Jones | WTKR.com

According to realtor Barry Jenkins, when interest rates go up to 5 or 6%, you're probably going to be looking at $2,200 to $2,400 a month.

…"My best advice for someone to buy right now is to have a open conversation with your agent and your mortgage loan officer. The truth of the matter is the data is clear," Jenkins said.

When it comes to owning versus renting, News 3 asked Jenkins is it smart right now to buy? Or should people just rent?

"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," Jenkins said…