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Lack of supply in the resale market is favorably impacting new home sales. In September 2023, the pace of new home sales was up 33.9% year over year to a seasonally-adjusted rate of 759,00 units. The median new home sale price in September was $418,800, down 12.3% compared to a year ago, largely due to builder […]

In the new year, homebuyers and sellers are still facing the same challenges as they did in 2023—high interest rates, sky-high home prices, and an inadequate supply of homes. As affordability issues slow housing sales volume, low supplies are keeping home prices high. Bankrate.com experts say that mortgage interest rates reached 8.01% in October, the highest […]

It’s no secret that homebuyers prefer move-in ready homes that have been repaired and updated. The Wall Street Journal reports that fewer homebuyers want fixer-uppers because of high mortgage interest rates and construction loans. Since the seller has disclaimed the home, the cost of repairs and updates are unknown. Some mortgage guarantors like FHA and VA have […]

In August 2023, the average 30-year mortgage interest rate hit its highest level since 2000. At 7.48%, they were nearly triple where they were during the pandemic when they reached a low of 2.65% in January 2021. Meanwhile, median home prices rose for 10 consecutive quarters beginning in fall 2020, only declining for two straight quarters to […]

Situated in southwestern Virginia, Smith Mountain Lake offers a haven of natural beauty and recreational opportunities. The centerpiece lake boasts over 500 miles of picturesque shoreline dotted with two dozen islands, and is surrounded by lush forests and picturesque mountains.  The region is a paradise for water enthusiasts, offering various activities such as swimming, fishing, […]

Home prices are still near record highs, so if you’re purchasing your next home in a cheaper or unfamiliar area, be aware of outside influences that can lower your property values. Noise. Traffic noise, sirens, construction, and other noise pollution can impact home values. Areas to avoid include next to a freeway, on a busy thoroughfare, […]

Fall and winter can be hard on your grass, trees, and flowers, so here are five ways you can make your landscaping more attractive whether you’re selling your home, moving into a new home, or simply want to protect your landscape from fall and winter weather According to the National Association of REALTORS®, late October to […]

Known for its simplicity and functionality, minimalism is a design philosophy that creates a comfortable, clutter-free, and aesthetically pleasing space. By incorporating minimalism into your home decor, you can find the balance between elegance and practicality sans the visual chaos. The minimalist design goes perfectly with a home in beautiful Smith Mountain Lake. The rather […]

Who wants to make an investment that doesn’t yield a return? Certainly not real estate investors. They have formulas to assure their success as much as possible. One favorite is the one percent rule. Rocketmortgage.com explains that the one percent rule “measures the price of the investment property against the gross income it will generate.” That […]

Also called the Jewel of the Blue Ridge Mountains, Smith Mountain Lake in Virginia is known for being one of the best lake towns in the US. It boasts 500 miles of shoreline, verdant peaks, a variety of water-based activities, and that quintessential rural charm that makes one feel right at home from the get-go. […]