As the number of homes for sale declined across the Hampton Roads region, increases were experienced in median sale price and units sold in most of the region, according to Long & Foster Real Estate’s Market Minute Report.
Newport News City experienced the largest year-over-year sale price increase of 10% while Hampton City exhibited a dip of 3%. The number of homes sold increased by 13% in Norfolk City, followed by a 10% in Chesapeake City. Active inventory fell across the region with declines ranging from 28% in Norfolk City to 40% in Newport News City.
“The spring market begins in January, so if you’re planning to list your home next spring, it’s not too early to get your house ready,” said Gary Scott, president of Long & Foster Real Estate. “The No. 1 home improvement you should do is declutter. It’s the least expensive and most effective strategy to get your home ready to sell.”
Scott recommends renting a storage unit for six months and moving your extraneous furniture and personal belongs out of your home. There’s a greater chance that a decluttered house will sell faster and possibly for a higher price than one that is cluttered. By packing away at least some of your personal belongings, it allows your home to look its best, stand out from the competition and makes it easier for buyers to imagine themselves living there.
“Now is a good time to contact a Long & Foster Real Estate agent to tap into their expertise and follow their suggestions for home improvements to do that will make your home as attractive as possible to buyers,” said Scott.
Reflecting on real estate in 2019, Scott commented that despite low inventory challenges, there were several factors that were favorable for the market this year. “Interest rates under 4%, a healthy stock market, low unemployment, and ample demand have all contributed to the success of the real estate market this year,” said Scott.