• Click Here to Subscribe to Email updates

  • psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813
  • RSS Colonial Williamsburg News

    • A Foodie’s Guide to Colonial Williamsburg
      The moment you step onto our city streets, it’s clear—you’re surrounded by history. There’s no denying it, history is what puts Williamsburg on the map. But tucked inside our taverns, hotels, and historic buildings is a growing and vibrant foodie scene. Our restaurants offer a unique mix of modern-day menus and historically delicious food in both colonial an […]
    • Program Highlights Importance of Telling Stories Between Slaves and Masters
      We tell a lot of very important stories, and I’m not just talking about those of Thomas Jefferson and George Washington. The stories of slavery cover the entirety of the Historic Area and a new program developed by a group of Actor-Interpreters hopes to promote healing and understanding. The black population in 18th-century Williamsburg was...Read More » […]
    • Pokémon GO Brings Trainers of All Ages to the Historic Area
      Last night was our first ever social meet-up and we are happy to report it was a rousing success! An estimated 250-300 people of all different ages from as far away as Fredericksburg and Carrollton made the trip into the Historic Area to join the Pokémon GO Revolution. Local Bruce Hornsby even checked in on the fun....Read More »
    • A New Plan Is Hatched: An 18th-Century Egg Incubator
      In the shade under a canvas tarp stands a barrel and a considerable pile of manure—what’s not to love? I’m in the backyard of the Powell House checking out our newest old experiment, an 18th-century egg incubator. The project came together in just a few months, prompted by a basic question: What else can we learn...Read More »
    • Happily Ever After: My Unforgettable Colonial Williamsburg Proposal
      As I log on to my computer every morning, I watch the dates slowly change on my calendar, and it’s finally starting to set in. My wedding is almost here. It’s hard to believe it’s been eight months since Tim got down on one knee in the gardens behind the Governor’s Palace… and asked me to marry...Read More »
  • Flickr Photos

    5524 Pennington Place

    5524 Pennington Place

    5524 Pennington Place

    More Photos

Positive Outlook for US Real Estate Market

The report this week  from Wells Fargo Securities’ Economic Group indicates many positive signs for the real estate market in the U,S

Wells Fargo has upgraded its outlook on the housing market in its April forecast, thanks to modest upswings in consumer confidence and home prices nationwide. The forecast, released jointly with NAHB, projects continued recovery through the rest of 2012. They do caution, however, that a full recovery could still be years away.

The increase in consumer confidence, says the report, largely stems from rising employment nationwide; this in turn leads to greater consumer spending, which drives confidence even higher.

  • New home sales are expected to increase 12 percent in 2012 and rise nearly twice as fast in 2013. With inventories of new homes at all-time lows, those gains should produce sizeable gains in single-family starts.
  • Single-family permits have risen in each of the past five months and are up 23.6 percent on a year-ago basis. Builder remains at its highest level since June 2007.
  • Home prices are expected  to definitively bottom by the middle of 2012, as the backlog of foreclosures finally begins clear. For properties not in foreclosure, prices have probably already bottomed, but should remain relatively low nonetheless given the competition and perceived competition from foreclosures.

Some of the greatest improvement in recent months has come in markets where overbuilding and speculation were the greatest, most notably Florida, Arizona and, to a lesser extent, Nevada. Prices have fallen so sharply in Florida, Arizona and Nevada that many traditional retiree buyers do not have to wait until they can sell their home in the Northeast or the Midwest before purchasing a home in the sunshine. Many of these buyers tend to transition to these states anyway, spending more time there until they eventually relocate permanently This has led to prices rising again, spurring the housing markets in those areas.

Prices have fallen so far in many markets that affordability is at a record high. One market where this trend is particularly true is Florida.  Prices have likely overshot in many Florida markets, including Miami, Daytona and Naples, which has been driving sales as investors search for undervalued properties. While this trend has not necessarily been true for the nation as a whole, it has also been evident in other boom-and-bust states, such as Nevada, Arizona and California.

Housing in the Sun Belt has also seen a modest turnaround, largely driven by economic policy, particularly the Home Affordable Refinance Plan (HARP). With the ability to refinance their mortgages at today’s lower interest rates, many homeowners are working their way toward a better overall financial situation.

Real home prices continue to fall and are now back down to 1999 levels. Price-to-rent ratios are also back down to 1999 levels. We are getting close to finding a bottom in national home prices.

All of these positive signs are especially significant on the heels of a cool winter selling season. As noted in the report, new- and existing-home sales both fell in February from January, dropping 1.6 and 0.9 percent, respectively; pending home sales also declined 0.5 percent.

To read the rest of the forecast, click here

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 1,567 other followers

%d bloggers like this: