Here Is the Latest News From Our Spring Market

What has been happening in our spring market lately? 

The situation is finicky. Rates are rising, inventory is low, many buyers are taking longer to make a  decision, and many sellers aren’t renovating their homes properly. In short, the market is adjusting and trying to find itself.

Here are some of the latest statistics from the month of May.

First, the average sale price rose 1%, but it is still down overall in 2018. Year over year, the number of home sales is down 15%, which is a big number. If this trend continues into June and July, we will probably see home prices decrease a little bit lower than we would like to see.  

The number of single-family homes for sale is also down year over year, to the tune of 20%. Again, this is primarily due to buyers taking longer to make a purchase and sellers not renovating their homes properly. 

Part of the reason sellers aren’t renovating their homes properly is they are not working with agents who have extensive home renovation experience. This is something we do very well, so if you’re a seller, we’d love to sit down and tell you more about how we can help you in this regard.

Lastly, townhome sales are up by 7%. Value always sells in Lake Ridge, which means townhomes  don’t have to be renovated to the same standard as single-family homes.

Whether you are a buyer or a seller, it is important that you have a strategy if you want to take advantage of this market. We can help you with this, so if you have any questions or you would like to get started, please feel free to give us a call or shoot us an email. We would love to speak with you.