The number of homes sold took an upward turn in October in much of the Fredericksburg region, according to the latest Long & Foster Real Estate Market Minute Report. Aside from Stafford County, which had a 1% fall, increases in homes sales ranged from 56% in Fredericksburg City to 11% in Caroline County.
Home sale prices also climbed up throughout most of the region with Stafford County exhibiting the largest jump with a 9% rise, while Fredericksburg City had a 13% decline. Inventory continued to slow down with Culpeper County showcasing a 31% fall, followed by Stafford County with a 25% decrease.
“For the most part the market is strong – there’s ample credit and significant demand,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. Though inventory continues to contract throughout most of the Fredericksburg area, the sales price versus list price all point towards lots of demand and a healthy market.
Discussing how the National Association of Realtors passed a rule to ban pocket listings, Foster believes that it’s a pro-consumer move that will be beneficial to all. The new ruling dictates that once a home has been marketed to the public, it needs to get put on a multiple listing service within 24 hours. This will enable buyers to have a full picture of what is on the market so they can make more informed decisions on where to buy and live. For sellers, it will allow them to expose their property to potential prospects and increase the amount of demand for their home.
The real estate landscape is different from years past as buyer’s expectations and seller’s approach to listing their homes have changed. Buyers nowadays are looking for move-in ready homes that they do not have to renovate or update. Because of this, sellers need to be willing to invest some money in getting their house ready to be sold or be prepared for a lower price point. Enlisting a Long & Foster professional will help sellers get their homes staged, sold and ultimately expose it to the biggest pool of potential prospects.