My Deal of The Week
After touring this home last week, I’ve been racking my brain about how to address its shortcomings. It has great bones and an amazing lot, but the current layout could use some improvements—and it’s fixable!
Right now, the home has two bedrooms and one bathroom, but with an overhaul inside, you could reconfigure it into a two-bedroom, two-bathroom layout. I’ve attached some plans I found online that would be ideal for the current setup.
In this Waynesboro neighborhood, two-bedroom, two-bathroom homes are selling for $250K–$300K. While this doesn’t leave much wiggle room for immediate resale after improvements, the smart play is to refinance after the flip to recover your rehab costs and then repeat the process with another property. On-market deals can be hard to find, but if you dig deep, you might uncover some hidden gems.
1507 A Street
Waynesboro, VA
2 Bedroom – 1 Bathroom
42 Days on the Market | $190,000
Listed by Avenue Realty, LLC.
Waynesboro, VA
2 Bedroom – 1 Bathroom
42 Days on the Market | $190,000
Listed by Avenue Realty, LLC.
What I’m Following
The Impact that Long Range Missiles may have on Interest Rates
Thirty-year mortgages and 10-year Treasury bonds perform a delicate dance. Mortgage rates often follow the movement of Treasury bond yields because the 10-year bond serves as a benchmark for long-term interest rates. When bond yields go down, interest rates typically follow.
Recently, with the announcement that Ukraine now has approved long-range missile capabilities in its war with Russia, it will be interesting to see how the bond market reacts. In times of economic or geopolitical uncertainty, like this, investors often flock to the safety of Treasury bonds, driving their prices up and yields down. This, in turn, can indirectly lower 30-year mortgage rates.
However, other factors also influence mortgage rates, such as Federal Reserve policies, inflation expectations, and economic data. So far, we haven’t seen a significant reaction, as the 30-year fixed rate has remained relatively stable since this news broke.
What The Local Market Is Doing
Builder sentiment is on the rise nationwide, and Central Virginia is no exception. Currently, there are 303 active new construction homes for sale in our area. These include homes that have recently been completed or are slated for completion in the new year. For comparison, at this time last year, there were 275 new construction homes listed for sale.
This increase in inventory sets a promising tone for 2025, offering great opportunities for both buyers and sellers.
Homes Listed This Week – 34 | Last Week – 26
Median Sold Price – $669,500 | Last Week – $499,468
2.1 Months of Inventory | Last week it was 2.7 Months
Today’s rate – 7.04% with a 30 Yr. fixed conventional mortgage – Last Week 6.92%
Median Sold Price – $669,500 | Last Week – $499,468
2.1 Months of Inventory | Last week it was 2.7 Months
Today’s rate – 7.04% with a 30 Yr. fixed conventional mortgage – Last Week 6.92%
Local Spot I’m Excited About
Woman’s UVA Basketball Games
When most people think of UVA basketball, they usually think of the men’s team. But let me tell you—UVA’s women’s basketball team is just as exciting to watch! They’re off to a great start this season with a 3-1 record as of now. Tickets are incredibly affordable, starting at just $5, making it a fun outing for all ages. Bring the family and cheer them on at John Paul Jones Arena—you won’t be disappointed!
My Final Thoughts
The winter season is here, and it feels like Santa is everywhere—especially at Lowe’s! I’ve noticed he’s making appearances at so many local events lately. While I love the holiday spirit, I think it might be time to dial it back just a bit. Do we really need Santa at every event? Maybe we can save him for the big ones and give him a little rest!
As always, if you or anyone you know is ready to buy or sell, I’m right here!
