Real Estate Market Update – December 2017

In the Seven Cities (Virginia Beach, Chesapeake, Suffolk, Norfolk, Portsmouth, Hampton, Newport News) home sales for Newport News and Norfolk dropped quite a bit. Virginia Beach was the only city to show an increase in the number of available home sales. Because of the lack of available property for sale, now is a good time to consider selling your house.

The number of months’ supply of inventory is 4.36 months, which is down from the same time last year. Hampton Roads median sales price rose from $230,000 as compared to $225,000 in November of last year. The highest median sales price was $264,950 in Chesapeake, while the lowest was $158,000 in Portsmouth. The number of properties going under contract continued to be strong.

When an area has an available supply of 6 months housing for sale, it’s usually considered a balanced market. Based on the lack of current inventory in South Hampton Roads and the Virginia Peninsula, at this time it would be considered a seller’s market, and housing inventory is low.

More information can be obtained from The Real Estate Information Network. Read more here. . .

By the way, prices in many neighborhoods have gone up and there is a shortage of homes available for sale. It’s good to keep up with the market whether you’re ready to move next month or next year. If you’re thinking of selling, now may be the right time. If you’re curious about how much you could get for your home . .

Fast Track To Becoming a Teacher

Welcome the New Homebuyers!

I met this couple through the Urban League of Hampton Roads where I get an opportunity to teach “The Role of The Realtor” part of the Homebuyer Class. Although they are VA buyers, the class was an opportunity for these first-time home buyers to gain valuable information and connect with both a lender, Ron Stowe of Newtowne Mortgage, and myself.

I found them a house that was remodeled throughout with all the “bells and whistles.” The buyers couldn’t be happier, and I’m certain they’ll make lasting memories in their new home!

SELLERS’ ADVICE

Should I Sell Right After or During the Holidays?

That’s a question that home sellers ask a lot this time of year. While every situation is different, there are a few suggestions such as:

1. You can’t sell if it’s OFF the market. While home buyer traffic is usually slower during the winter and holiday months, you won’t get “tire kickers.†These types of buyers have a desire to move as soon as possible. Reminder: You just need ONE buyer to sell your home.
2. Is The Price Right? If you’re not getting many showings or offers and you’re house has been on the market for a while then before you do anything else take a look at your asking price. By reducing the price a little or even a little below market value, it will stir new activity and get buyers looking again.
3. Patience, patience. If you’re getting lots of marketing exposure and the asking price are right, then be patient. It takes time to find the right buyer for your home.

Call me today to learn more tips for getting your home sold ANY time of year.  I’m glad to help!

PS: If your property is no longer on the market and you weren’t able to sell it, contact me for a Merchandizing Evaluation before you relist with the same agent. This is a free service I offer. It’ll be worth it to get another set of eyes to evaluate your property and marketing plan to evaluate what went wrong so you don’t make the same mistake again.

Living in a Golf Course Community

Coming soon: This home is in a golf community and has a restaurant, pool, and – of course – golfing!  This spacious 4-bedroom 2-1/2 bath property in Cypress Point has backyard patio views of  Lake James.  Even though it has these features and more, there are no condo fees!

If you or someone you know wants to learn more about this home before it comes on the market, give me a call at 757-943-9184 or email me at jgemailme@gmail.com.

Owning your own place can result in an improved way of living. When you own versus renting, it may have a ripple effect on other aspects of life due to housing stability and a sense of community. Buying a home is not an impossible dream. In fact, it can be more affordable to own than rent.

BUYERS’ ADVICE

Estimating Repair Costs for a Fixer-Upper

If you enjoy working on home projects and are handy in making home improvements, finding a nice fixer-upper is tempting. Buying a home that needs a little TLC in a nice neighborhood below market value can pay off big time if you have some time and money to turn an ugly duckling house into a swawn of a home.  Here are some tips that will help you.

Have an inspector do a complete home inspection before you buy the property. Also, knowing how much the repairs may cost by lining up contractors ahead of time who have provided written estimates of the total costs for the renovation will help keep you on track with your budget and save time. By the way, there are loans available for foreclosed, short sale or government-owned homes which include the mortgage as well as repairs.

I enjoy helping buyers who are looking for a good deal value and refer you to contractors that can provide free repair cost estimates for a fixer-upper.  Please don’t hesitate to give me a call.

This Buyer House Hunting Checklist will help you figure out your home buying wants and needs.

Wondering how much Your Home Value is? Use our House Value Estimator!

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