The SBH Newsletter – August 2020 (1st Edition)

The SBH Newsletter – August 2020 (1st Edition)
August 13, 2020 sandbridgehouses

Hurricane Isaias bears down!

As I write this newsletter, Hurricane Isaias looks like it will affect our area on Monday night or early Tuesday. Feel free to check our webcam for current ocean conditions. So far, it looks like high surf, strong wind and rain – nothing we have not handled before.

On the real estate front, we have enjoyed a strong bounce back from the non-existent spring market. In fact, we are now at historically low inventory for single family homes. We currently have 30 homes for sale ranging from $559,000 – $2,750,000. We were happy to represent the owners of Windjammer, which closed this past week and is one of the highest price sales for semi-oceanfront in many years! On a broader note, in a recent real estate news publication, Hampton Roads was ranked #10 for best real estate rental investment area. Sandbridge Beach I’m sure represented a large section of that analysis of Hampton Roads. See link for the rest of the Top 20 locations.

Activity for past 30 days is as follows:
Single Family Homes – 10 Sold, 14 Pending
Condos – 6 Sold, 1 Pending
Market Metrics – January 1, 2020 – July 30, 2020 Year-to-Date

Current rates courtesy of Liza Gibboney-Fairway Mortgage
NMLS# 243062 | Cell: 757-630-9604 | Office: 757-932-8497
VA 30 year fixed – 2.625
Conventional 30 year fixed – 3.0
Non Conforming Jumbo – 3.25

My analysis of our current real estate market in Sandbridge is that we are experiencing robust activity but we are not in a “Hot Market” which the rest of Hampton Roads is experiencing. If you’re thinking “I wonder what my house is worth?” or “Is this a good time to sell?” Please let me know. I am here to answer all of your questions.

As I close, I want to wish you all a good rest of the summer and continued prayers for the health and safety of your families as we continue to fight this pandemic.