Active listings on the market in the Greater Williamsburg area (23185, 23188, and 23168 to include the City, James City County, and Toano areas as well as some of upper York County) are at the lowest level in years. Dropping to 6.9 months in February (According to Broker Metrics, which is an overlay program to Williamsburg MLS), we are really watching demand slowly and steadily eat up the available supply of available inventory for sale. 6 months is considered a balanced real estate market, and we have been technically in a buyer’s market for over 5 years now.
What does that mean for home buyers? Now that the pendulum has begun its swing toward a sellers’ market, buyers are finding themselves scrambling, often in multiple offer situations, to bid on the home they want. We are seeing very strong, clean offers, and sellers holding firm on their asking prices and unwilling to make many repairs or concessions. Strict appraisal guidelines and relatively tight financing will likely keep buyers from paying over market value.
What does it mean for home sellers? If you tried the market between 2008-2012 and were not able to sell, now may be the time to dip your toes back into the market. As we have definitely learned over the past 10 years, success in a real estate transaction is not merely location; rather, it’s timing, timing, timing.
Curious to see what you could get in today’s market? Email us at concierge@lizmoore.com, or click below for a free comparative market analysis on your home.
