In the News for Buyers and Sellers

Feeling and Selling Like Spring! We realize the calendar doesn’t say April, but as we are writing this, the expected high is 76 degrees and the buyers are out looking as if it is peak season. There were 8,773 homes for sale in January according to the numbers from Real Estate Information Network (our local MLS). This is a year over year decline (January 2018 compared to January 2017) of 6.87% which holds a two and a half year trend of a decline in the number of homes for sale. As we wrote last month, buyers are having trouble finding what they want and the number of homes for sale is down to under 3.92 months (divide the number of homes for sale by the number of homes that sold that month). In an average market the months of supply is between 5 and 7 months. All the signs are pointing to a spring that should see the average sales price continue to drift upwards and demand to remain strong especially over the next couple of months. Studies show that Sellers will often wait to list their house until later in the spring and summer. We feel, and the data backs us up, that if you are planning on selling this year you should go ahead and get your home on the market now. If you are thinking about selling, and/or are starting to do some work to get ready to list your home please let us come and give you advice first. Sellers will often do repairs that don’t bring them as much return as they think, or they would have been better off doing something else. We don’t charge for coming by and giving advice, so give us a call (Lee: 757-726-SOLD (7653) or Harry: 757-434-9084). By: Lee Cross

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Specializing in properties in South Hampton Roads, Virginia.

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