It’s about 5:15 on Monday evening and I know most, if not all of my sellers are wondering this as they patiently wait for just the right buyer to discover their home over all the other thousands that are for sale right now as we continue to sit on over a nine month’s supply of inventory across our greater area with an average days on market of 207 for a home to sell. So, to answer the question of how the housing market in Roanoke is, its bit better than it was in February of this year when we were sitting on over a 13 month’s supply of inventory.
Traditionally the next few weeks are a bit slow as the school year gets back in swing and the vacation season come to an end. Generally it will pick up after Labor Day with buyers hoping to buy and settle in their new homes before the holiday season and before the winter months set it. Fall has actually been one of my busiest times and a great time to buy and sell. Interest rates are still hanging low and with lots of homes to choose from buyers will undoubtedly be out and about looking.
For sellers, being priced right and in great condition are both key to whether a buyer will choose yours over all the others they have to consider. I encourage sellers to adjust the price every 30/45 days if it’s not selling or you aren’t having significant interest. One of the worst things you can do is sit on the market month after month at a price that isn’t causing the home to sell and allow your home to become that home that’s been on the market forever. It would be better to take it off the market and try again in the future if you can’t adjust the price.
In the end buyers are looking for price, condition, and location as three of the most important factors in their decision-making process.
How do you know if you’re priced right as a seller? Have your agent do an updated market analysis for you to ensure that you remain competitively priced. Just because a certain price made sense when you first listed the home doesn’t mean it’s the right price weeks or months down the road. It’s all about supply and demand like any other product. The more there is to choose from the less the value. And if other homes have come on the market and/or sold since you first put your home on the market then you have to seriously consider if your price is still competitive.
If you are a buyer and need to know if you’re getting a fair price on a home or the best deal possible your agent should do the exact same thing, prepare a market analysis on the home you’re considering buying to see how it’s priced in comparison to others that are for sale and recently sold. This is how the appraiser for the bank will go about determining how much the bank is willing to lend on the property it’s just a more detailed reporting system than what’s generated through the multiple listing service is most cases.
The average sales price year to date here in Roanoke, Virginia is $194,595 and the average list to sales price ratio is 95.4% meaning that on average homes are selling for 95.4% of what they’re listed for. If I can answer any questions for you about our local housing market, please call me at 540-725-7727 or email me at email@example.com.
For more information on our team, to see the homes we currently have for sale, and to discover what our past customers and clients had to say about their experience with our team, please visit our website at http://www.thecrouchteam.com. We would love to help you with all your housing needs.
Thank you for reading.