Interest rates hit another all-time low at 3.13%!  Contracts are increasing throughout the Valley indicating a rebound in closings is on the way!  Although closings are down in some areas of the Shenandoah Valley, we are fairing much better than other areas in Virginia where closings are down nearly 21%.  Overall, we are continuing to experience strong demand for housing throughout the Shenandoah Valley and conditions are favorable for both buyers and sellers.

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The spring market is on the way!  We have heard from the top real estate economists that our traditional spring market activity would be pushed back to the summer due to the pandemic.  We are now seeing indicators of that through the mortgage purchase application index.  This week's index hit 322.5, the highest it has been since January of 2008!  This is great news showing upcoming purchaser activity. 

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Listing inventory continues to be a challenge across the Shenandoah Valley.  As mortgage applications continue to increase and more buyers are shopping for homes, housing availability is holding the market back.  In fact, there are 285 fewer listings this year.  This drop in supply is causing home prices to increase.

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Interest rates have again hit a record low at 3.15%!  This is great news for buyers who want to secure a long-term saving in their mortgage payment.  Mortgage applications increased again this week, signaling a strong summer market.  

Year to date numbers throughout the Shenandoah Valley are now lagging behind last year in most categories.  With low interest rates, we expect to see a new wave of buyers in the market in the coming months.  The greatest challenge facing today's market continues to be the supply of homes.  Owners who are thinking about selling their home in the near future should talk with a real estate professional about selling this year.