The Eastern Shore of Virginia saw a significant increase in the number of homes sold in October, according to Long & Foster’s Market Minute report. Home sales rose by a notable 69 percent in Northampton County, and Accomack County experienced a 15 percent increase. Median sale prices fluctuated, increasing by 3 percent in Northampton County and dipping by 3 percent in Accomack County. Active inventory continued to decline throughout the market.
Gary Scott, president of Long & Foster Real Estate, speculates that increased home sales seen in some vacation markets like Virginia’s Eastern Shore are a result of investors diversifying their portfolios as the stock market fluctuates. When there is uncertainty in the stock market, real estate becomes more attractive to investors, he said.
“Although low housing inventory has been an issue nationwide this year, we’re starting to see those decreases wane,” Scott said. “Buyers and sellers should keep in mind that every neighborhood is different, which is why it’s important to work with an experienced real estate agent.”
Working with a Long & Foster agent, home buyers gain access to the company’s expansive network of over 10,000 agents, who are not limited to what’s currently on the market for sale today. The company itself offers a Coming Soon Portal that allows its associates to share properties that are soon to be listed for sale, and a luxury-focused private exclusive feature that showcases high-end homes that are being sold privately by Long & Foster associates.
“Interest rates are going to continue to creep up, which tends to be a motivator for many who are buying a home and can stimulate sales,” Scott said. “Those considering selling may benefit from having a pool of buyers who are serious about purchasing a home.”
Consultants from Prosperity Home Mortgage are located in almost every Long & Foster office, and they can help buyers with all their financing needs. As mortgage rates increase, the cost of homeownership grows, so it’s important that those shopping for a home meet with a mortgage consultant who can help them get pre-approved and lock in at current rates, Scott said.
Disclaimer: Information included in this report is based on data supplied by Eastern Shore of Virginia Association of Realtors multiple listing services and their member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of ESAOR or Long & Foster.