Hurricane Harvey and Hurricane Irma Ravage the Southern U.S.
With the recent news of Hurricane Harvey and Hurricane Irma ravaging South Texas and Florida, the need for help for survivors has been rising every day. I truly hope you joined me in donating to the cause. Be wary!! Donate only to the Red Cross, Salvation Army, Convey of Hope or other such charities well known to you!
No doubt the rebuilding of these two areas will take years. The people of this region will need long term help!! I sincerely home you will keep them in your prayers as I will.
Chesapeake and Hampton Roads Not Slowing Down!
Amazingly, Chesapeake, along with most of Hampton Roads, has continued to have improving sales year over year though the inventory of homes has not risen as is desperately needed.
Interesting statistics form the August Sales report from the local MLS(REIN):
Pending and Settled Sales Up almost 8% year over year
Market Time decreased 29 days since January 2017 to 61 days in August 2017
Residential Listings in August 2017 are 4% lower than in August 2017
Supply of Residential Home Inventory at 4.94 Months, down 8.2% from August 2016
Thus, as home sales continue to grow, home inventory continues to shrink. Homes properly priced and prepared to be sold are selling quickly. When homes sell faster than 6 months on average, the seller has the upper hand.
Though Home Buyers and Home Sellers took a seasonal break in August as many families prepared for sending their students to college for the first time and young siblings back to school locally, it is clear the Fall is going to be very busy.
Since Labor Day, Home Buyers have jumped back in the market and have picked off my listings and those of many other active real estate agents. So the shortage of inventory is likely currently worse than reported by REIN as the newly listed homes have not kept up over the same period.
Sellers are needed!!! Buyers keep looking for a home but finding very few to choose from in Chesapeake. In a recent update, the total homes available in Chesapeake are down to 1526 with over 622 of those homes already under contract. Market time is averaging only 30 days.
The shortage of homes is true throughout Hampton Roads and most of the country. In fact, there are growing concerns that the faltering home inventory may dampen the Real Estate market.
NOW is the time to sell a house, whether purchasing a home in Chesapeake or moving to San Diego.
As a seller, you have the following advantages:
1) Still few homes to compete with for a buyer
2) Being the “new kid on the block”, like the freshest fruit at Farmer’s Market, you get extra attention paid to you.
3) Manicured Lawn, Flowering Trees and potted plants provide a warm greeting to your visitors!
4) Capture buyers seeking a house prior to school starting or perhaps the holidays. Plus those military relocation buyers will begin to arrive soon.
5) Hot time for Relocation Buyers looking to close in prior to year end 2017.
6) Ability to be sold so YOU CAN MOVE to your new place!!!
For home buyers, a common question is “Does the market have more upside?” After the crash in home values and rise of foreclosures in the 2007/2008 , a home buyer is wise to question whether the market since the beginning of the recovery in Hampton Roads and Chesapeake in 2011 has over heated. But we haven’t!!!
Though this market held on a bit longer than the national market, the comments by Rick Sharga are right on target for Chesapeake and all of Hampton Roads.
A sign that the housing market isn’t slowing down is the continued pent up demand. Stubbornly low inventories are causing some buyers not to find the house they seek. As long as there is pent up demand, there will be a need for home owners to sell and will keep prices strong to rising.
Yet as can be seen in the graphic below, in the last 30 days, few buyers have been out looking for homes. I am sure part of this is due to the seasonal slowdown noted earlier due to back-to-school demands on the family.
Continued reduction in Buyer Traffic due to low inventory could slow the market. The hope and the opportunity that the right home is out there is mandatory for buyers to search for a new place. Failure for that to continue would only cause the pent up demand to get worse!!!
If you are ready to move, it is time to call. There is never a bad time to sell or buy real estate. With the market ever improving, it is always “a best time” to buy or sell.