Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my homeworth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Lack of Supply of Homes Available in Today’s Market
There is a lack of supply of homes available for sale in today’s market. Last month, existing home sales fell 2.5%. The median home price in April rose 5.4% compared to last year. According to the National Association of Realtors April also marks the 74th straight month that there has been an annual increase in prices of already-built homes.
What does this mean for the average home buyer? Lawrence Yun, chief economist of the National Association of Realtors stated, “The worsening housing shortage means home prices are primed to rise further this year too, hindering affordability conditions for home buyers in markets across the country.”
Housing inventory total at the end of March 2018 was 1.67 million existing homes available for purchase. Comparing it to last year it was 7.2% lower than a year ago. We are now experiencing the lowest inventory level in a generation with unsold inventory at 3.6-month supply at the current sales pace.
Competition is at an all time high between millennials, boomers and investors with there being 250,000 fewer starter homes (those priced under $200,000) available now than compared to 2 years ago.
Jessica Lautz, National Association of Realtor’s director of demographics and behavioral insights, was quoted saying, “Buyers know it’s touch, 35% of shoppers anticipate a lot of competition, but they remain optimistic, and more then 70% expect to close in 2018.”
So don’t be discouraged – if you’re ready to buy or a sell your home we may already have the house for you!
Whether you’re looking for homes for sale in Lake of the Woods Va or Waterfront property in Virginia or homes for rent we are your professionals for Stafford, Fredericksburg, Spotsylvania, Locust Grove and Central Virginia, we are your proven Real Estate professionals. Thinking of selling? In any market condition, that’s the #1 question asked by home sellers. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. The Question is how much is it worth? Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site!
New construction on golf course! This stunning home with fine features and finishes includes an impressive master suite with balcony, a family room with columns and fireplace, and a gourmet kitchen with stainless and granite. Relax on your front porch and start living the lake life that Lake of the Woods offers you: swim in the lake, dip in the pool, play golf, trail ride from the stables, dine at the clubhouse, and much more!
According to Zillow data the houses in the United States listed in early May tend to sell 18.5 days faster than the average listing and for nearly 1% more of the average price!
There is still low inventory of houses on the market across the country, which has influenced the prediction of the May trend. Before, homes listed between mid-March and mid-April sold quicker and for the highest price.
Another influence is weather. Here on the east coast when the colder weather sets in, houses tend to sit on the market longer. With warm weather right around the corner, Zillow’s predictions for the Washington, DC market (which is the market closest to us in Locust Grove/Fredericksburg, VA) the ideal time to list your home is April 16 – April 30th and it will have a faster than average closing time of 18 days.
Inventory is low – let us help you sell your home today!
We may already have a buyer ready for you!
Contact Pat Licata today.