Though the devastation of the Hurricanes and recent events will not be far from our minds, the Holiday Season kicks off with Thanksgiving!!! Families and friends will join together at the dinner table or a favorite restaurant for the “Big Meal”. Some will plan for shopping and others will be setting the DVR for the games they will not be able to watch live.
Amazingly, many voices are having to share that Thanksgiving isn’t the end of the home buying season. In Chesapeake and all of Hampton Roads, the home selling season never ends. Every year homes sell right up to the end of the year.
With the continuing shortage of homes(we were down 5% in October), now is a great time for home owners to list their homes. The home buyers seeking that new house before the new year are typically the most earnest and read to buy. In addition, newly listed homes get the special attention as there are fewer of them than will be seen in the Spring.
Interesting statistics form the Novcmber Sales report from the local MLS(REIN):
Pending and Settled Sales Up almost 23.6% year over year
Residential Listings have decreased for 27 Consecutive Months; Sales have increased 30 of last 36 Months.
Supply of Residential Home Inventory at 4.6 Months, down 8.9% from November 2016
Median Sales Price rose 2.63% in October with Norfolk having the largest increase at 15.7%
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 some Home Buyers and Home Sellers may think it is not the time to act, it is clear the Fall is going to be very busy.
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 1519 with 516 of those homes already under contract. Market time is down to 29 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!!!
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.