Virginia Peninsula 2019 – Q3 Home Sales Report

Virginia Peninsula Home Sales Surge, Outpacing the Statewide Upturn

Regional home sales grew at a double-digit rate in Q3, the largest jump in over three years

Hampton, VA – (November 5, 2019) – According to the Virginia Peninsula REALTORS® Third Quarter Home Sales Report, prepared by Virginia REALTORS®, home sales in the Virginia Peninsula region have increased 13% in the Third Quarter over last year. This local rise in sales has outpaced the statewide increase of 11% over the Third Quarter of 2018.

The region had 211 more home sales in Q3-2019 compared to a year ago. The additional sales transactions occurred in all jurisdictions in the region, led by Newport News with 92 additional sales, a 15% jump from Q3-2018.

The Virginia Peninsula region’s Third Quarter median home sales price rose $8,000 from last year to $210,000, a 4% increase. This is slightly below the statewide median home sales price increase of 6% in September 2019 compared to a year prior.

The strong sales growth and rising home prices led to a $71 million surge to the total sold dollar volume this quarter in the Virginia Peninsula housing market. This is the largest sold volume gain for the region in more than three years. Sold volume growth occurred in all local markets in the Virginia Peninsula footprint.

Strong buyer demand is evident throughout the region. In Q3-2019, the inventory of active listings decreased by 13% compared to last year, and homes were on the market an average of seven days fewer than a year ago in the Virginia Peninsula region.

The regional economy continues to show positive signs, which should keep buyers active in the market. The Virginia Peninsula region’s unemployment rate continues to be low and is below the national level. In addition, interest rates continue to drop to historically low levels and are projected to remain low or decline even further in the coming months which should provide good financing options for qualified buyers who are interested in entering the housing market.

Click here to view the full Virginia Peninsula REALTORS® Third Quarter Sales Report.

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Tips for Improving Your Home’s Curb Appeal

Your home’s curb appeal is the first chance to impress potential buyers. Whether buyers are wowed by a beautiful and well-maintained yard or are repelled by dirty exterior walls and an overgrown lawn can significantly impact your home’s sales price if you’re thinking of selling it this spring.

“When buyers pull up to a house, they want to be able to picture themselves living in and coming home to it. Dead grass and chipped paint can make that all the more difficult to visualize,” said Carla Carney, 2019 President of the Virginia Peninsula Association of REALTORS®. “Making sure your home is prepared – both inside and out – before you put it on the market could help it sell faster and for top dollar.”  

Here are a few tips to make sure your curb appeal is making the best impression on potential buyers:

  • Clean your house. “It’s not only the inside of your home that needs to be kept clean of dirt and grime, the outside of your home should be just as spotless,” said Carney. “Clean your outer walls with soapy water and wash your windows inside and out.” According to Carla Carney, washing your house can add $10,000 to $15,000 to the sale price.

  • A new coat of paint. After you’ve cleaned your home’s exterior, the next step is to apply a fresh coat of paint. “A new coat of paint is like a face-lift for your home,” said Carney. “But don’t try to make a statement with your home’s color. If your home is a wildly different color from the other homes in your neighborhood, it could negatively affect your home’s appraisal.”

  • A well-manicured yard.  Your front yard creates your home’s first impression to prospective buyers, so make sure that your lawn is green and trimmed and your shrubs and flower beds are well tended. “It is important to keep your yard neat, raking any fallen leaves and pulling any weeds,” said Carney. “If there is a barren tree in your front yard, cut it down and replace it with grass.”
  • Repair the roof. If your roof is damaged, dirty or missing shingles, it can have a negative impact on the value of your home. If your neighbors’ roofs are well maintained or have been recently replaced, it will make yours look especially ragged. Sometimes a good cleaning is all you need to have your roof look like new. However, that isn’t a project you will want to take on yourself without the proper equipment; hire a professional with the right tools and training, who will be able to clean your roof without damaging it.

By making a few simple changes to your home’s exterior, you can increase your home’s value and hopefully help it sell more quickly this spring.

PROTECTING THE DREAM OF HOMEOWNERSHIP!

From city hall to the U.S. Capitol, REALTORS® are actively involved in a wide range of issues related to the health and well-being of the communities where they work and live. Through their membership in the National Association of REALTORS®, they are a powerful voice in support of the dream of homeownership and work to build strong communities and a vibrant business environment that benefits everyone.

WHAT IS HOME
OWNERSHIP MATTERS?

Homeownership Matters is an education and advocacy campaign committed to protecting the dream of homeownership. This initiative provides useful information on real estate, tax and property policies in an effort to inspire homeowners to take action, protecting homeownership now – and for generations to come.

WHY IS HOMEOWNERSHIP MATTERS IMPORTANT?

Homeownership Matters provides an ideal platform for current and prospective homeowners to have their voice heard at the local, state and national levels of government on core tax and property issues. With proposed policy changes happening in communities across the country, it is more important than ever to stand-up for homeowner rights.

We invite you to protect homeownership now and into the future.

https://homeownershipmatters.realtor/

REALTORS® are champions of homeownership, property rights and the communities they serve. Every REALTOR® adheres to a strict code of ethics based on professionalism, consumer protection and the golden rule. REALTORS® draw on their unmatched knowledge to help buyers and sellers navigate one of the most complicated financial transactions of their lives. And REALTORS® are engaged neighbors committed to building and enhancing the communities they serve.

Halloween Home Horrors

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Copyright 2018 NATIONAL ASSOCIATION OF REALTORS®

More Home Buying Tips from HouseLogic.com

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Copyright 2018 NATIONAL ASSOCIATION OF REALTORS®

Home Buying Tips From HouseLogic.com

Visit houselogic.com for more articles like this.

Copyright 2018 NATIONAL ASSOCIATION OF REALTORS®

REALTORS® Help Consumers Make Smart Back-to-School Home Shopping Decisions

family-packing-unpacking-95991195-700wWASHINGTON (August 12, 2016) — In some school districts across the country, kids are already heading back to school after the summer break. While households with children commonly choose to buy a home in the late spring to get settled in before the new school season starts, rising home prices and a lack of homes for sale may mean more families have been forced to continue their house hunt into fall.

“In a fast moving market with fewer homes for sale and rising prices, more buyers find themselves in need of a real estate professional to help them find the right home and guide them through each step of the process,” said National Association of REALTORS® President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “Despite recent industry reports to the contrary, busy families require hands on attention and unparalleled transaction and local market knowledge and regularly turn to full-service agents, who provide a broad range of services and manage most aspects of a home purchase and sale.”

The median days on market to find a buyer was 32 days in May (the shortest time on record) and 34 days in June (tied with June 2015). Fewer and faster selling houses on the market translate into more pressure to make quick decisions, and despite advances in online real estate information and technology, the vast majority of consumers still prefer buying and selling a home through a real estate professional because it saves them time and makes the process less stressful. While more than 8 in 10 buyers worked with an agent to purchase a home last year, according to NAR’s 2015 Profile of Home Buyers and Sellers, agent use is even higher among buyers ages 36 to 50 (87 percent) and 35 and younger (89 percent) – the demographics most likely to have school-aged children.

“Buyers with children have a slightly harder time finding the right property, likely because of their desire to purchase a home that best meets their family’s needs or is in their preferred school district; 53 percent of families with children cited finding the right property as the hardest step in the buying process compared to 50 percent of buyers without children,” said Salomone.

In many cases, families are looking to move because their current home is too small (cited most at 29 percent for families with children at home compared to only 9 percent with no children at home); a job relocation (23 percent), or a change in their family situation such as birth of another child, marriage or divorce (12 percent). The typical homebuyer with children bought a 2,100-square-foot detached single-family home with four bedrooms and two full bathrooms.

Nearly 80 percent of recent sellers worked with an agent that provided a full range of services; only 9 percent received a limited set of services and 12 percent of sellers worked with an agent to list their home on the multiple-listing service and received few if any additional services. Sixty-two percent of sellers with children at home negotiated their agents compensation compared to 68 percent of sellers with no children at home.

When choosing a buyer’s agent, parents with children under 18 at home want someone who can provide more mobile-ready, easy-to-access information; 71 percent said it was important when choosing an agent that he or she sends postings as soon as a property is listed or its status changes; sends property info and communicates via text (59 percent); sends market reports on recent listings and sales (55 percent); sends emails about specific needs (56 percent); and has a mobile site to show properties (30 percent).

When it comes to seller’s agents, twice as many parents with children at home needed to sell their home urgently compared to those with no children at home (24 percent compared to 12 percent), perhaps to time transactions around the school season. It makes sense then, that sellers with children at home placed a higher priority on selling their home within a specific timeframe (22 percent) and help pricing it competitively (19 percent); compared to sellers with no children at home (20 percent and 15 percent, respectively).

Busy parents also rely more on referrals for finding their seller’s agent; 46 percent of sellers with children at home first found their agent through a referral from a friend, neighbor or relative compared to only 40 percent of sellers with no children at home.

When it comes to the home search, for buyers with children under the age of 18 living in their home, it’s no surprise that the quality of the school district and convenience to schools was a strong influencing factor of their neighborhood choice. Recent buyers with children cited quality of the school district an influencing factor (at 50 percent compared to 11 percent with no children in home), as well as convenience to schools (at 46 percent compared to 6 percent).

“If you are thinking of buying or selling a home this fall, don’t be intimidated by the market or process while kids are back in school; overall, the fundamentals of the market are strong,” said Salomone. “A REALTOR® helps get sellers ready to sell and buyers ready to buy – whether or not they have children – and knows the ins and outs of the real estate transaction the market where you want to buy or sell.”

For charts about families with children who are buying or selling a home, visit www.realtor.org/reports/moving-with-kids.

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1 million members involved in all aspects of the residential and commercial real estate industries.

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Media Contact: Sara Wiskerchen / 202-383-1013 / Email (link sends e-mail)

July 2016 Homes Sales Report

July Market Update

July 2016 residential real estate sales have slowed from this point last year, though year-to-date performance remains strong. Year-over-year, the number of transactions fell by 4.7 percent, from 11,820 sales to 11,265. The value of transactions for July 2016 was $3.797 billion, 4 percent lower than in July 2015. Despite a moderate decline in pace and volume for July, year-to-date measures have outperformed 2015. Volume through the end of July 2016 exceeded $22.071 billion, a gain of 5.1 percent from last year’s accumulation of $20.992 billion.

 

Reflecting typical industry tempo, July sales declined from June; historically, the market climbs each month through June before tapering into the third quarter. Following the same seasonal trend, median price fell 4 percent month-over-month, from $289,500 in June to $278,000 in July. Median price did outperform last July by 1.1 percent, rising from $275,000. Average length of time on the market decreased 6.3 percent, from 64 days last July to 60 in July 2016. Rising median price and declining time on the market reflect limited inventory.

 

Click here to view the full July 2016 Home Sales Report.

Back-to-School Sales Tax Holiday

SalestaxOn August 5-7, shoppers in Virginia are encouraged to buy back-to-school items and take necessary precautions during hurricane season without paying state and local sales tax. This holiday is not restricted to Virginia residents – anyone can purchase exempt items in Virginia during this holiday weekend, or buy exempt items for immediate delivery to a Virginia address well.

Tax-free Items include:

  • Certain school supplies, clothing and footwear are exempt from the Virginia sales tax. Each eligible school supply item must be priced at $20 or less, and each eligible article of clothing and footwear must be priced at $100 or less.
  • Certain products meeting the Energy Star and WaterSense qualifications, such as certain energy-efficient appliances, are exempt from the Virginia sales tax. Eligible products must be priced at $2,500 or less for each item, and be purchased for noncommercial home or personal use.
  • Purchases of items designated by the Department of Taxation as hurricane preparedness equipment are exempt from the Virginia sales tax. Portable generators priced at $1,000 or less, gas-powered chainsaws priced at $350 or less, chainsaw accessories priced at $60 or less, and other eligible items priced at $60 or less for each item are exempt from sales tax.

 

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Second Quarter 2016 Homes Sales Report

Second Quarter Home SalesThe Virginia residential real estate market has continued year-over-year and longer term improvement according to the Second Quarter 2016 Home Sales Report released by the Virginia Association of REALTORS® (VAR). Both the total number of sales and the value of transactions rose from the same period last year, to 34,688 units and $11.720 billion, respectively. Volume – the sum of all transactions for April, May, and June of 2016 – was 8.6 percent higher than the same period last year, and nearly 20 percent higher than the second quarter of 2014. Annualized residential sales, a rolling sum of the home sales closed in the preceding twelve months, rose from 109,574 units in the last quarter to 112,019 (up 2.2 percent). Year-over-year, annualized sales rose by 7.6 percent (from 104,091 in the second quarter of 2015). Consecutive periods of improvement in annualized sales, as demonstrated in Virginia’s market, indicate sustained market strengthening. Boosted by continued low interest rates and increasing seasonal activity, second quarter 2016 sales also rose 7.6 percent from the same period last year, from 32,243 to 34,688.

 

Read the full report here.