Spring is Here!
Though the weather can’t decide if it is Winter or Spring, the buyers are out like it is the middle of April.
Sellers are needed!!! Buyers keep looking for home but finding very few to choose from in Chesapeake. In a recent update, the total homes available in Chesapeake were under 2000 with over 400 of those already under contract. Market time averaging is 49 days.
This is true throughout Hampton Roads and most of the country.
As a seller, you have the following advantages:
1) Fewer homes to compete with for a buyer
2) Being the “new kid on the block”, extra attention paid
3) House looks fresh and new with the the early Spring flowers and flowering trees.
4) Capture buyers seeking a house prior to school ending.
5) Hot time for Relocation Buyers looking to close in early 2017.
For home buyers, one of the most misunderstood points of buying a home is the amount of down payment required to purchase a home. Though it can be 0% t0 3%, home buyers believe they need a 20% down payment for any mortgage.
While military and former military can get 0% financing, anybody else can do 3%.
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.
For Chesapeake and all of Hampton Roads, the low inventories, low rates and improving market has not been able to keep home sales up every month over the prior month or last year. Reports of home sales down is conditional(no homes to sell) versus systemic(housing market declining).
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 only “a best time” to buy or sell.