The amount of active listings (detached and attached homes) on the Peninsula for the month of March (Hampton, Newport News, Poquoson and York County) are down 10% compared to March 2012. This is a good sign for our local market. We currently have a 6 month supply of inventory (according to Broker Metrics, an overlay of the REIN MLS), which is considered a balanced market.
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.
