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  • 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 Quick update on our Spring babies
      Time for a quick update on our spring babies! We’ve currently got a dozen lambs so far in the Historic Area, with more on the way. Six ewes are still due to have little ones over the next few weeks – so keep an eye out for more lambs! When I went out to visit our...Read More »
    • Susan Higginson Nash: Pioneer Interior Decorator for the Restoration
      A stylish female figure can be seen in many photographs documenting the architectural team who undertook the restoration of Williamsburg’s historic district. She often stands out as the one lone woman amidst the group of men. In some photos, she is walking the grounds of Virginia plantation homes such as Mount Airy and Shirley and...Read More »
    • Finding Tranquil Spaces
      The historic area in the spring can be a little hectic. Between the excited school groups who are happily (and let’s face it, loudly) learning about our nation’s history, the gorgeous and varied dogs on DoG street, and the many other guests here to take in the beautiful weather and bright flowers… it can get...Read More »
    • Becoming Mrs. Washington: Martha the Mom
      Before she was Mrs. Washington, Martha was Mrs. Custis. It’s well known that Martha and George Washington were not blessed with any children of their own during their 40-year marriage (theories abound…we’ll get to that another time). Martha did have four children, though, during her first marriage to Daniel Parke Custis. This period of Martha’s...Read More » […]
    • There Will Be No Bystanders at Mr. Jefferson’s Garden Party
      Imagine being welcomed through the gates of the Governor’s Palace for an evening of drink, dancing, and delightful diversions. Now imagine everyone—you included—is suitably attired for their 18th-century personas. Then sprinkle in some fireworks. That’s just a little of what’s in store at “A Celebration of May: An Immersive Palace Garden Party” on Friday, Ma […]
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    5524 Pennington Place

    5524 Pennington Place

    5524 Pennington Place

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Housing is Back !

t’s a fact: The housing sector continues to gain momentum. The National Association of Realtors reported in February that the national median existing single-family home price was $178,900 in the fourth quarter of 2012, up 10 percent from $162,600 in the fourth quarter of 2011.
Trending Into 2013
In December home prices rose again by 8.3 percent compared to a year earlier–the largest increase in more than six years, according to a CoreLogic report released early last month. It was also the tenth straight month of year-over-year increases. States seeing the biggest price increases were Arizona (up 20.2 percent), Nevada (up 15.3 percent) and Idaho at 14.6 percent. Only four states saw declines in home prices from last year: Pennsylvania, New Jersey, Illinois and Delaware.
While the U.S. housing market has certainly headed into 2013 with home prices on the rebound, many wonder how long this upward trend will last. A surge in home prices generally forecasts an increase in home buying. Home buying revives the housing industry, which is a key indicator for measuring the U.S. economy’s progress and health.image
Buyers Remain Selective to Price and Property
Home prices not only surged due to tightening supply but also as a result of a decline in available foreclosures and distressed properties. This means more home buyers are choosing relatively more expensive and non-distressed properties. As a result existing home prices have increased, and in some areas substantially, during this time. The decline in distressed property sales should also have resulted in newly constructed homes being more competitively priced.
Yet in many instances new home prices have increased in tandem with existing home prices. In some areas, this has caused buyers to experience low inventory and bidding wars for homes.
Interest Rates Still at Record-Lows
For 2013, the Federal Reserve has vowed to keep interest rates and home loan rates "exceptionally low" in an effort to spur economic growth and to shore up the housing markets. The Federal Reserve, or the Fed, is the central bank of the United States and regulates the U.S. monetary and financial system. It oversees four general areas: 1) Conducts monetary policy 2) Regulates banks and protects the credit rights of consumers 3) Maintains the stability of the financial system and 4) Provides financial services to the U.S. government.
The Bottom Line
As the economy strengthens from the housing comeback and other major reviving indicators such as manufacturing and trade, interest rates could rise. Great opportunities to purchase or refinance a home still exist, but fence-sitters should be advised as the path of least resistance for interest rates is higher, since they are currently at record lows.

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