Vibrant real estate market, 2018 predictions are good

There is good news on the real estate home front. The market was up nationally by 11 percent in 2017, according to the National Association of Realtor’s chief economist, Lawrence Yun. It is predicted that 2018 will have equally as good percentages, if not better.

There is growth

The local real estate market, here on the Middle Peninsula, has had consistent growth over the last four quarters of 2017 in comparison to the numbers in 2016. The sales were up by 10.9 percent in the first quarter, 4.8 percent in the second quarter, 19.4 percent in the third quarter, and 1.9 percent in the fourth quarter. While these percentages are not staggeringly higher, they are higher!

Inventory decline

According to the Virginia Realtors there has been a consistent decline in the real estate inventory. With the demand being higher with less inventory, the market has had an increased number of home sales. While there is more competition in the market place, buyers have consistently made real estate purchases, even though mortgage rates have been on the rise. Year-over-year, the real estate prices have increased in the state of Virginia, except for the eastern, Middle Peninsula region.

Spring market

We are heading into the spring selling season. If you have desired to make a move, consider looking at your options now and get your home spring cleaned and ready. The weather is getting warmer, and so is the real estate market. The daffodils are already making their appearance, there are more boats on the water, and people jogging up and down the streets over our local downtown areas.

Preparation and staging

As you plan and prepare to put your home on the real estate market, consult your Realtor for maintenance and staging tips. You want to put your home in its best light and to create a fantastic first impression to your buyers, especially online.  If you do not grab the buyer’s attention in the first 15 seconds with the price and photos, they are on to the next listing…not yours. The work you put into getting your home ready will truly matter! Give us a call today for a complimentary consultation.