Virginia’s Eastern Shore once again experienced a rise in median sale price as well as units sold in June, according to Long & Foster Real Estate’s Market Minute Report. Compared to June 2020, the median sale price increased by a significant 158% in Northampton County, followed by a 38% jump in Accomack County. Units sold were up 24% in Northampton County and by 9% in Accomack County, while active inventory declined.
Many of the headlines lately are all about the current seller’s market and how now is the best time in history to sell your home. Gary Scott, president of Long & Foster Real Estate, believes that while now is a good time to sell, it’s also a good time to buy a home.
“Interest rates are at an all-time low, and your buying power has never been higher,” said Scott. “Many homebuyers who have made their third, fourth or fifth offers on homes with no success may be getting discouraged, as they see home prices going up and are concerned that they are paying too much for the house.” Scott pointed out that real estate values tend to run in ten-year cycles, with appreciation of 3% per year. “If you go back to the financial crisis, prices got cut in half, but now, ten years later, they are ahead,” said Scott. “Prices recover, equity is built, and real estate is a tremendous hedge against inflation.”
Scott added that as real estate professionals and trusted advisors, our job is to disarm and interpret the news for our customers. “The headlines may say one thing, but it’s our job to peel the onion back, understand where the information came from and educate consumers so that they can make the right decisions for their real estate needs,” said Scott.