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.

Halloween Home Horrors

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Copyright 2018 NATIONAL ASSOCIATION OF REALTORS®

More Home Buying Tips from HouseLogic.com

Visit houselogic.com for more articles like this.

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®

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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Spruce Up and Save This Spring

Spruce UpAs warmer temperatures approach and activity quickens in the residential real estate market, Virginia REALTORS® can offer tips on maximizing home value and comfort. The spring season provides a natural chance to refresh landscaping and invest in exterior projects, reorganize the interior living space, and also to consider a home’s energy efficiency.  Some simple fixes can mean big savings for homeowners.

 

“Sprucing up a home is a smart way to add value, whether you are in the market to sell or are simply enhancing your own living space,” says 2016 VAR President Bill White. “REALTORS® can offer insights on maximizing the investment in springtime home improvements, and can also educate buyers on seeking features that may have the best long-term value.”

 

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