There’s been a lot of hype lately about real estate in the media. As Realtors, we love to hear the media portray good news about the real estate market, but there also tends to be much confusion on what is actually going on. I’ve pulled together recent data to show you what’s happening on the Virginia Peninsula. Here’s a snapshot of the March real estate market:
In summary, inventory is down but sales are up. This means that the number of homes available is low but that there are tons of buyers out there ready to buy. We are in a changing market and straying away from our plateau in a buyer’s market. In reality, the real estate market is balanced. It’s neither a buyer nor seller’s market.
What does this mean for buyers?
Buyers need to be prepared when they find “the one” and act quickly. Homes are no longer sitting on the market not selling. Just the other day I experienced a listing come on the market Friday morning at 9am and by 2pm there was an offer! But not to worry – it is still a great time to buy as interest rates remain at a record low and home prices stay stable.
What does this mean for sellers?
Just to clarify, home prices have NOT gone up! In order to sell, homes still need to be priced well and in good condition. Buyers are looking for move-in ready and they’re looking for deals. The longer a home sits on the market the less likely it is to sell – which is THE indicator that the home is priced to high. Positioning your home well, differentiating it, and having a good marketing strategy is the way to get it sold. If you’re considering selling, this is a GREAT time to get your home out there. Inventory is low so homes are selling!
So whether you’re looking to buy or sell, be sure to contact a Realtor that’s familiar with local market trends. Don’t miss out on an opportunity!
Hampton Roads Real-e-statement is written by Alyssa Godwin, a Realtor with Liz Moore and Associates. For questions regarding buying or selling contact Alyssa at 757-329-6161 or firstname.lastname@example.org. You can also find Alyssa on Facebook or on the web at www.lizmoore.com/alyssagodwin.