As we head into the holiday season, how has the real estate market been affected? The REIN (Real Estate Information Network) statistics for November 2013 continue to show steady improvement here in Hampton Roads:
To summarize this data from REIN, the real estate market is still showing year-over-year improvement. Market gains are not as significant as they were earlier in the year, but still continue to steadily climb. For the fourth consecutive month, residential active listings have increased as shown above. However, inventory remains low and Peninsula cities have actually seen a decline in available homes. As a result, the number of houses going under contract (or pending) has also significantly increased as compared to last year.
What does this mean for buyers?
Competition is fierce! Before looking at homes, it’s important to sit down with a Realtor to discuss current market trends and how it is affecting buyers. Multiple offers are not uncommon; neither are full price offers or paying closing costs. It can be important to move quickly when finding “the one” to not miss out on an opportunity.
What does this mean for sellers?
With the real estate market’s declining inventory, increasing interest rates for buyers, and a recovering economy, there is no better time to sell! The playing field between buyers and sellers is equaling as the market comes to a balance. Sellers have better negotiating tactics and less competition. Multiple offer scenarios are occurring more frequently and homes are going under contract in less time than last year.
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.