Virginia's 2015 winter storm has been fun for us all! Its timing couldn't have been better as it piggy-backed upon the 3-day President's Day weekend. Schools are out, evening activities and commitments are canceled and many businesses are allowing employees to work from home. Needless to say, everyone is enjoying some much-needed family time, outdoor frolicking, a break from commuting and general relaxed schedules.
Before you know it, there's melting snow puddles and heaps of wet towels, boots, jackets and gloves all over the floor. Kids, parents and pets are getting restless. Time to dig out the cars, throw down the salt and kitty litter, and head to the store for ANYTHING BUT milk, bread, eggs and toilet paper.
There's something about inclement weather and being cooped-up for extended amounts of time that really gets folks thinking about their living situation. The location of where you live, the lay-out of your floor plan or lacking features that weren't that big of a deal seem to become more important by the day. Your “it'll do for now” mentality of the past few years just isn't “doing it” any longer. Maybe rent is going up or your landlord is putting the house on the market soon. The kids have all grown and moved out or you've just made your last tuition payment. There's another baby on the way or you received orders /a job transfer. The commute is just getting to be too far or you finally received a promotion. You've ready to retire or you've just landed your first job. Perhaps you've gotten married and know it's time to sell one of the properties. Think it's just a case of cabin fever?
Guess again! These are all symptoms of PUHD, commonly referred to as “ pent-up housing demand”. And believe us, it's an epidemic throughout our local real estate market.
Lately, our team has been inundated by calls from past clients, other homeowners and potential buyers! Sellers are encouraged by rising values and are more than ready to address their own pent-up housing demands! Similarly, buyers are tired of rising rental rates and keep hearing from others that mortgage rates are still at an all-time low. Better yet, many of the strict lending qualification guidelines have soften and FHA mortgage insurance rates have dropped. Now that the required 2-3 years has elapsed, mortgages are available once again to those who's credit was previously effected by a foreclosure or short sale. Without a doubt, we're listing some great properties and working with several buyers in search of a home!
Are you or someone you know showing symptoms of PUHD? Contact The Melton Team immediately; the remedy is just a phone call or email away!
Note: Erin Melton and Cindy Matchinis are licensed to sell real estate in Virginia. Please consult a loan officer or mortgage company regarding specifics lending guidelines, qualifications and current mortgage rates.