Hampton Roads Market Update
This month’s market update for Chesapeake, Virginia Beach, Norfolk, and the surrounding areas of Hampton Roads show that there is still an inventory shortage. However, the number of homes going under contract remained relatively the same. New properties for sale are outmatched only by the number of pending and sold listings.
The overall drop in inventory may have been a factor in the decreased number of homes that sold. This has had a positive effect on the median sales price. A lower amount of homes on the market seems to be creating an increase in price.
In February 2017, the region’s residential median sales price was $215,000, up 7.5% from $200,000 in February 2016 according to The Real Estate Information Network.
Median Sales Price
That being said, who do you know that I should know? If you hear of someone who is thinking of selling their home, please call or text me with their name and email/phone number. I’ll be sure to take good care of them. Your referrals mean so much to me!
Home Buyer Advice
Home Inspections: The home inspection is an important part of the home buying process. However, many buyers don’t know what to expect. The home inspection really starts long before you get to that day. If you can, do your homework regarding any seller disclosures or permits that may be available. Also, while touring the home the agent or you may point out things. If you have questions write them down and speak to your agent about them.
The inspection takes at least 3 hours, so be prepared to be there during this time. There may also be specific inspections that pertain to your specific home, so be sure to ask the agent if it will be useful to obtain them.
A smooth inspection is what’s most hoped for. However, from time to time there are repairs that need to be negotiated. Bringing down the price due to repairs may cause friction in the transaction, so speak to your agent regarding any concerns about price reductions in light of necessary repairs. Having already received a market analysis from your agent based on similar sized homes with the same features and amenities, you’ll be aware of the current market value of the house beforehand.
Quite a few homes for sale in Virginia Beach, Chesapeake, Norfolk and surrounding areas of Hampton Roads aren’t up to date. If you have chosen an older home, you might have to put up with a pink bathroom for a while or get a renovation loan to make it modern. If the heating/air unit needs to be repaired or replaced, it would be to your advantage to negotiate. The pink bathroom can be updated in time, but the heating/air unit can save money in overall energy costs.
The buyer usually hires the home property inspector, who should be licensed. The inspector will outline his job duties, and you will pay upfront. Most buyers get a referral for an inspector from their real estate agent.
If you have any questions about any particular homes in Virginia Beach, Chesapeake, Norfolk and surrounding areas of Hampton Roads feel free to give me a call.
Home Seller Advice
Overpricing Your Home: Did you know that the number one reason houses don’t sell is overpricing? This slows down or prevents home sellers from getting the most money for their home, with the least headaches, and in the shortest amount of time.
Very often a seller asks, “We can always come down later—right?” Your “golden time” historically is the time when your house goes on the market. You’ll get the most buyer traffic is in the first 30 days. By pricing it high with the intention of dropping the price later, you completely bypass your best buyers.
Even if you list your home too high and find a buyer willing to pay more, you’ll have to contend with the lenders and bank appraisers. They base their loans on accurate appraisals, and appraisers must base their price on comparable properties that have sold.
Overpriced homes will just sit on the market. Unfortunately, the buyer may start to think that there ma be problems with the property and that’s why it won’t sell. You may not want to consider this, but put yourself in the buyer’s shoes. What’s the first two things a buyer asks when they consider a property? What’s the price and how long has it been on the market?
Unfortunately, the longer a home sits on the market, it almost always sells for less than market value. With few buyers to choose from, very little to no leverage because of time on the market, too high an asking price, and carrying costs to maintain the property, most sellers find themselves getting the least from the sale of their home than the most.
If you’re serious about selling your home, contact me today to help you determine the best possible value so you can get packing!