Dec 201821

Home Sales Increased in the Hampton Roads Region in November

Dec 201821

Home Sales Increased in the Hampton Roads Region in November

Market Minute Logo 2017 smallMedian sale prices increased throughout the Hampton Roads region real estate market last month, according to Long & Foster’s Market Minute reports. Hampton City experienced the largest increase, rising by 12 percent. In Newport News City, the number of homes sold jumped by 21 percent, while Virginia Beach City saw a 2 percent increase. Active inventory continued to fall in the region, with declines ranging from 30 percent in Newport News City to 43 percent in Chesapeake City.

The Long & Foster Real Estate Market Minute report for the Hampton Roads region includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities.

Hampton Roads Market Minute Chart November 2018

“Throughout the country, declining inventory has been the trend for the past 36 months, and the real crunch is at the lower end of the market,” said Gary Scott, president of Long & Foster Real Estate. “In many markets, that steady lack of available homes has brought home sales down with it in recent months, including in the Richmond market. The bright spot is that interest rates are at a low and there are still opportunities to invest.”

Buyers who have vision and can see a property’s potential can take advantage of those opportunities, Scott said. While most buyers want the move-in ready homes that sell quickly, there are many homes that are sitting on the market much longer, typically because they aren’t updated, he said.

“Buyers may think a new home is the best way to get what they want, but purchasing a property that needs to be updated can allow them to make it their own,” Scott said “Additionally, buyers may not know that renovation loans can enable them to roll the cost of modernizing a home into their mortgage loan. This is why having the advice of a knowledgeable, professional real estate agent, such as those at Long & Foster, is so important.”

Those selling should pay close attention to the sale price of comparable properties nearby as opposed to the price of properties listed for sale, Scott said. A home that’s priced too high is likely to sit on the market, he said. An underpriced property will usually go under contract much faster and receive multiple offers that push the sale price up to its market value.

“A property’s listing price is not the most relevant number – it’s the sale price that tells the real story,” Scott said. “My recommendation is to work with a good real estate professional, do what they advise when preparing your home for the market and trust the pricing they propose.”

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.