Median sale prices grew in Virginia’s Eastern Shore real estate market in November, increasing by 16 percent in Northampton County and by 15 percent in Accomack County, according to the Long & Foster Market Minute report. Home sales grew by 3 percent in Accomack County last month, and remained steady in Northampton County. Inventory fell throughout the region. Northampton County saw the most significant drop at 29 percent fewer homes available for sale compared to November 2017.
“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 the last few months, that steady lack of available homes has brought sales down with it in many markets, something Virginia’s Eastern Shore defied in November. 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.”