Need To Sell & Buy?

If you are thinking of selling your home and buying another there are a few things to consider, and I wanted to share some of them with you today.  

First and foremost you want to determine whether you have to sell in order to qualify for the loan on your next home. Talk with your lender to see what options you have and then of course there’s the decision of whether you want to buy before selling and take on what comes with maintaining two homes until yours sells or just know that it’s an option.

 

Needing to sell before you buy can get tricky.  You don’t really want to look too seriously too fast because it can be very disheartening to find the perfect home and then have it sell before yours does, not to mention the time you may waste looking at homes.  With the average days on market in our area, Roanoke, Virginia being over 200 it’s going to take a little time to sell in most cases.

 

What we generally recommend is that you initially get access to all homes that are currently for sale based on what you’re looking for and then have your agent keep you posted daily as any new listings come on the market.  It’s helpful for you to go ahead and drive by the ones you like to see the outsides and different locations in order to determine the ones that meet your approval.  Then set these aside so once you get an offer on your home you’re set and ready with a list of those you want to see and aren’t starting from scratch.

 

There is the option of writing a contract contingent upon the sale of your home however due to market conditions fewer sellers are willing to accept contingent contracts.  As a seller it’s a little limiting because it does have to be disclosed that it’s under contract with a kick-out clause and some buyers won’t want to look at the home because of this.  They or their agents may not want to get involved in making an offer with the possibility of being kicked out by the contingency being removed. 

 

As a buyer if you know for sure that you can’t remove the contingency by qualifying for both homes it’s almost to your advantage to wait anyway because your contract doesn’t really mean anything unless and until you sell your home.  Again, very disheartening to write an offer on a house you love and then lose it to another buyer who doesn’t have to sell first.  And, in trying to get you the best price possible on your next home, it’s to your advantage to come in with an offer with your home already under contract scheduled to close vs coming in with an offer contingent upon the sale of your home.  This will give you much more negotiating power.  I mean as a seller wouldn’t you be willing to negotiate a little more knowing the buyer’s home is sold and set to close vs sitting on the market?

 

Of course you don’t want to sell yourself out of your house without knowing you can find suitable housing.  You can make the sale of your home continent upon finding suitable housing however this also can be limiting as many buyers will not want to write a contract on your home in hopes that you find something suitable within a specified time frame, in fear that they may lose your house while wasting valuable time and potentially missing out on other properties. 

 

In my opinion, the best avenue if you absolutely have to sell before buying is to focus first and foremost on getting your home sold, then find your new home.  You can coordinate an extended closing date on your home to give you extra time or make arrangements for temporary housing in between.  You definitely don’t want to be forced to buy something just because yours has sold and at the same time you can’t buy until you sell so you have to give somewhere in this scenario.  I hope this helps you to plan ahead and determine what route is best for you and your family if you are thinking of selling and buying.  If our team can be of support to you with your housing needs, please call or email us to put one of the highest recognized teams to work for you today.  For more information on our team, to see the homes we currently have for sale, and what our past customers and clients had to say about their experience with us, please visit our website at http://www.thecrouchteam.com 

 

 

Roanoke Virginia Housing Market Stats For 2014

I wanted to share our year to date housing market statistics with you.  Please see below and if you have any specific questions or would like to know more about buying or selling in our area, please give me a call at 540-725-7727 or email me at christycrouch@aol.com.  

If you are thinking of buying a home in the Roanoke, Virginia area we can research and get you access to all homes that are currently for sale based on what you’re looking for.  

If you are thinking of selling your home in Roanoke, Virginia we can provide you with a free market analysis of your home showing you what other homes you’d be in competition with as well as those that have recently sold providing you with a rough view of what your’s could sell for in today’s market.  Both are completely free and of course no obligation to you.  

Please visit our website at http://www.thecrouchteam.com to discover more about how we can help you, to see the homes we currently have for sale, to meet our team, and to find out what our past customers and clients had to say.  

Here are our market statistics year to date:

Property Type Year to Date Activity Report

For 01/01/2014 To 3/31/2014

Property Type
Area
Current Active
New
Pend
Sold
Sold Volume
Average Sales Price
DOM
CDOM
% Of List
Coop Sales
Coop Volume
Expr
Withdrawn
Residential
0110 – City of Roanoke – Downtown
16
5
1
0
 
 
173
186
 
0
 
3
0
Residential
0120 – City of Roanoke – South
65
44
17
18
6,253,750
347,431
171
221
94.9
15
5,654,750
8
3
Residential
0130 – City of Roanoke – SW
150
121
43
57
9,156,979
160,649
101
145
95.9
49
8,301,362
28
5
Residential
0140 – City of Roanoke – NW
139
91
24
40
2,852,153
71,304
131
186
91.1
33
2,258,253
31
2
Residential
0150 – City of Roanoke – NE
177
152
38
56
5,537,750
98,888
111
185
94.7
52
5,202,700
39
3
Residential
0160 – City of Roanoke – SE
39
22
8
12
567,100
47,258
126
194
86.7
10
421,100
6
1
Residential
0170 – City of Roanoke – Garden City
21
23
9
11
691,100
62,827
101
129
90.6
8
550,400
6
1
Residential
0210 – Roanoke County – North
178
147
53
71
13,046,510
183,754
112
174
97.2
60
10,815,360
34
7
Residential
0220 – Roanoke County – East
58
55
20
22
3,832,275
174,194
94
165
97.1
21
3,637,275
15
4
Residential
0221 – Roanoke County – Town of Vinton
37
30
11
16
2,068,079
129,255
121
163
98.0
14
1,819,079
6
0
Residential
0230 – Roanoke County – South
256
184
68
72
15,486,291
215,087
115
165
96.7
61
12,921,741
63
6
Residential
0240 – Roanoke County – West
99
63
23
18
4,113,550
228,531
125
209
98.7
16
3,855,550
17
3
Residential
0300 – City of Salem
156
112
30
41
6,633,145
161,784
109
186
94.9
34
5,837,895
44
2
Residential
0400 – Franklin County
634
291
75
96
20,593,017
214,511
212
330
93.7
85
18,160,617
124
11
Residential
0600 – Bedford County
449
231
52
81
18,509,500
228,512
202
297
93.2
67
15,477,800
83
13
Residential
0601 – Town of Bedford
29
18
7
5
700,000
140,000
186
239
92.1
4
620,000
10
1
Residential
0700 – Botetourt County
259
167
49
52
10,947,966
210,538
146
200
94.6
43
9,030,966
65
3
Residential
0800 – Craig County
26
9
6
6
659,450
109,908
216
244
87.6
4
578,450
2
2
Residential
0900 – City of Radford
2
2
0
0
 
 
35
35
 
0
 
0
0
Residential
1000 – Montgomery County
25
21
33
2
299,000
149,500
118
132
97.3
2
299,000
3
0
Residential
1100 – Floyd County
47
20
10
8
1,233,750
154,219
206
236
92.8
5
817,750
20
2
Residential
1200 – Patrick County
5
4
0
0
 
 
177
193
 
0
 
2
1
Residential
1300 – City of Martinsville
6
2
1
1
22,500
22,500
142
142
100.0
0
 
1
0
Residential
1400 – Henry County
41
25
4
2
236,500
118,250
111
113
96.6
2
236,500
6
0
Residential
1500 – City of Danville
6
8
2
0
 
 
53
53
 
0
 
0
1
Residential
1600 – Pittsylvania County
53
26
5
6
661,550
110,258
181
221
88.9
4
324,550
8
0
Residential
1700 – Halifax County
0
0
0
0
 
 
80
80
 
0
 
0
0
Residential
1800 – Charlotte County
0
1
1
0
 
 
68
68
 
0
 
0
0
Residential
1900 – City of Lynchburg
13
9
5
2
353,000
176,500
186
197
91.0
2
353,000
3
1
Residential
2000 – Campbell County
15
13
1
2
566,500
283,250
143
144
96.3
1
352,500
2
0
Residential
2100 – Appomattox County
1
1
0
0
 
 
148
148
 
0
 
1
0
Residential
2200 – Amherst County
6
2
0
1
78,000
78,000
118
118
86.8
0
 
0
0
Residential
2500 – Rockbridge County
13
6
0
3
712,000
237,333
176
191
100.6
3
712,000
5
0
Residential
2600 – City of Covington
2
1
0
0
 
 
142
142
 
0
 
1
0
Residential
2700 – Alleghany County
14
14
3
3
175,000
58,333
99
133
92.5
2
60,000
7
0
Residential
3000 – Pulaski County
5
3
0
1
82,500
82,500
99
99
97.2
0
 
0
0
Residential
3100 – Wythe County
1
1
0
0
 
 
82
82
 
0
 
0
0
Residential
3200 – City of Galax
1
0
0
0
 
 
129
129
 
0
 
0
0
Residential
3300 – Carroll County
5
2
1
1
95,000
95,000
348
348
96.0
1
95,000
1
0
Residential
9900 – All Other Counties/Cities
6
3
1
1
44,299
44,299
96
107
92.3
1
44,299
2
1
Subtotal
3055
1929
601
707
126,208,214
178,512
151
221
94.7
599
108,437,897
646
73

What’s Up With FSBO’s

As the market is beginning to pick up we’re starting to see more and more sellers trying to sell on their own as FSBO. For those of you who don’t already know, that means For Sale By Owner, meaning the owner of the home is trying to sell the home on their own vs hiring an agent to help them.

A buyer asked me the other day, “why would a seller try to sell it themselves instead of having a professional handle it for them?” I thought it was a great and interesting question, being a Realtor. This particular buyer is a first time home buyer and was uncomfortable dealing directly with the FSBO because they were afraid of going through the process alone. We ended up calling the FSBO and asking to show the home to this buyer, they said yes and we ended up selling it to this first time buyer.

I told him in most cases a seller will try it on their own in hopes to save money on commission and try to net more money. As the days have passed, I’ve given more thought to that question and decided to write a blog post about the pros and cons of trying to sell a home as FSBO.

For sake of easy reading I thought I would just share my thoughts and opinions on this as bullet points.

So in my opinion the pros of trying FSBO would be:

1. Possibly saving money on the commission

2. Being able to control the showings

3. Getting access to any buyers that may choose not to work with Realtors to help them find a home

The cons in my opinion would be:

1. Having less than a 5% chance of selling it on your own without a Realtor involved. These statistics come from studies done by The National Association of Realtors and reflects the above situations where a Realtor shows the FSBO and ends up selling it without actually listing it.

2. Leaves the seller vulnerable and unprotected. Even if they are open to paying a buyer’s agent’s commission, in most cases that agent is actually working for and representing the buyer and negotiating on behalf of the buyer, not the seller.

3. Leaves the seller in a vulnerable situation when showing their home and/or holding open houses. You have no idea of who may be walking in the front door, and your personal safety is at risk as are your belongings if you have more than one buyer there at a time in the case of an open house. This actually holds true for Realtors doing open houses as well, which is why our team doesn’t do them anymore. You have no way of knowing if the people walking through the front door are financially approved and able to buy or if they are genuinely there with interest in the home or for other reasons. In today’s market if a buyer is interested in buying they are not going to pass the home by without calling to schedule an appointment with the listing agent and/or seller just because there wasn’t an open house. I simply don’t think they’re effective or safe in today’s market but as a FSBO it’s one of the few ways to gain exposure with open house signs luring anyone in and an ad in the paper in paper.

4. If you happen to get an interested buyer there are endless disclosures, inspections, title searches, red tape and processes that need to take place to get you from contract to closing. This has become like an act of congress for Realtors and lenders in today’s market to actually get something from contract to close as a result of the continued stricter underwriting guidelines, agency and disclosure laws. It’s become such a sue happy world that it’s simply a huge risk in my opinion to charter the waters of buying and/or selling a home on your own with a professional Realtor there to ensure everything is properly handled.

5. You essentially miss out on the huge pool of buyers that Realtors work with unless somehow they or the buyer happen to see your ads or sign.

6. If you’re one of the many FSBO’s that agree to allow agents to show your home and are offering a commission for this then essentially you’re only saving the list side of the commission and at the end of the day it just may not be worth it with all the cons involved with trying to sell it on your own.

7. Many buyers have indicated to me that they think they can “steal” the FSBO b/c there’s no professional involved to make sure the seller gets the right price for the house so this leaves the FSBO open to possible low ball offers with no one involved to properly educate them about what the home is actually worth.

8. Inspections.. need I say more, this has become nothing short of a nightmare for all parties involved; the buyer, seller, inspector, Realtors, and contractors.

My purpose is certainly not to try to talk anyone out of trying to sell their home on their own as FSBO, I totally understand the idea, concept, and hope to save money and do it themselves. I just truly believe there is simply too much at stake and that it’s best to have a professional handling it on all aspects. A home is in most cases, is one’s single largest investment and to just chance it this way seems quite scary and downright silly to me.

If you are thinking of selling your home and would like our team to meet with you to go over the process, options, and discuss how we can be of support to you, we would love that opportunity. We work with a lot of folks here in the area and have been able to help a total of 17 families buy and sell already this year and are negotiating 6 other offers as I type this. Whether buying or selling we have the expertise and experience you’re looking for with over 50 years combined experience on our team.

We have a full-time professional in each area of the business to ensure all our customers and clients needs are taken care of. Please visit our website at http://www.thecrouchteam.com to meet our team, learn more about our services, 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.

Today’s Buyers

Just read this interesting information from The Roanoke Valley Association Of Realtors monthly newsletter and thought it was worthy of sharing:

Generational Differences Drive Housing Preferences 

Millenials, those under the age of 34, were the largest group of recent home buyers, according to the 2014 NAR Home Buyer and Seller Generational Trendsstudy. Millenial home buyers had a median income of $73,600 and bought a 1,800 square-foot home costing about $180,000.

Younger home buyers tend to view their home as a strong investment, more so than older buyers who tend to view their homes as a match to their lifestyle, according to NAR’s study.

Here are some of the “must-haves” for millenials:

  1. Updated kitchen and bath: Young buyers seek updated kitchens and baths because they have limited budgets. Most of their savings goes toward the down payment and furnishings.
  2. Big kitchen with open floor plan: An open space that can easily transition from kitchen to TV room is high on the list of the perfect home for your buyers.
  3. Home office: Young buyers have more options than ever to work from home.
  4. Technology: A home’s appeal can be increased if it has a strong mobile carrier’s signal or list of Internet service provider options.
  5. Location: Young buyers look for properties that are in proximity to public transportation and have a good walkability score.

If you are thinking of buying or selling a home in the Roanoke, Virginia and surrounding areas, our team would love to be of support to you.  Together our team offers over 40 years combined experience with a fully staffed team to support you in every facet of the home buying and selling process.  

Please visit our website at http://www.thecrouchteam.com to learn more about our services, to meet our team, see what our past customers and clients had to say about their experience with our team, and to see the homes we currently have for sale.

 

It’s Almost Here

That all to famous time to buy and sell a home is almost here, SPRING TIME!  We’re already starting to see things begin to significantly pick up in the Roanoke, Virginia housing market.  We’re starting to see more showings across the board, more internet views, email inquiries, and our phone is ringing off the hook.

In the last week we’ve listed 4 homes, sold 2, are negotiating another, and adjusted the prices on several.  I am extremely optimistic about the 2nd quarter of this year continuing to show improvement in homes sales.  I coach and train other Realtors across the United States and I am hearing of many markets transitioning back to a sellers market with average listing time being under 30 days and in many cases they’re even starting to see competing offers.

Now, I’m not saying our market here in Roanoke, Virginia is to that point yet, or that it will get back to that anytime real soon. Unfortunately, our average days on market here is still 225 days.  But the good news is overall the housing market is improving and I believe this will continue as we head into the 2nd quarter and spring season of this year.

Now is the time to start thinking about both buying and selling if you’re wanting to make the transition in the next few months.  If you’re looking to buy the first step is to go ahead and get your loan pre approved and set up so you know exactly what price range to look at in order to give you monthly payments that you’re comfortable with.  If you are thinking of buying or refinancing your current  home and looking for a great lender, we generally use and recommend Rob Furrow with Stellar One.  Give him a call at 540-529-5772 and he’ll discuss all the options and loan programs available with you.

Once you know what price range you want to be in if you aren’t already working with a Realtor, we would love to support.  I have a full time Buyer’s Agent, Angie Holland, and that’s all she does is work with our team’s buyers to help them find just the right home.  She offers the full time dedication you’ll want when searching for one of your largest investments.  

If you are thinking of selling now is the time to get your home staged, cleaned up, organized, and ready to show.  Take a walk around your home from the outside in and look at your home as if you were considering buying it.  Then make a list of anything that you feel may need to be done to get it “for sale” ready.

If you need assistance with lawn care our lawn care company, The Crouch Team Lawn Care, can help you.  Give our marketing and sales representative, JR Wray a call at 540-761-6442 and he can come give you a price for getting your yard in great shape to offer crisp curb appeal and maintaining and mowing it through the spring if you need as well.

To find out what your home could sell for in today’s market and discover exactly what our team can offer as far as marketing, advertising, and servicing you, give us a call  at 540-725-7727, email me at christycrouch@aol.com, or visit our website at http://www.thecrouchteam.com where you can also see the homes we currently have for sale, discover more about our team, and see what our past customers and clients had to say about their experience with our team.

I hope you enjoy this weekend’s beautiful weather.

God Bless,

Christy Crouch

 

 

Interesting Numbers For The Roanoke Virginia Housing Market

My broker gave me these numbers the other day and I thought they were interesting enough to share:

 

In 2013 4,307 homes were sold, the average sales price was $190,217, and a total of 8,539 new listings came on the market, there were 1,105 active Realtors

In 2012 3,666 homes were sold, the average sales price was $180,302 and a total of 7,955 new listings came on the market, there were 1,070 active Realtors

In 2011 3,432 homes were sold, the average sales price was $176,197, and a total of 8,706 new listings came on the market, there were 1,100 active Realtors

In 2010 3,269 homes were sold, the average sales price was $195,310, and a total of 10,124 new listings came on the market, there were 1,279 active Realtors

In 2009 3,707 homes were sold, the average sales price was $188,855, and a total of 9,483 new listings came on the market, there were a total of 1,404 active Realtors

In 2008 3,962 homes were sold, the average sales price was $197,889, and a total of 9,736 new listings came on the market, there were a total of 1,570 active Realtors

In 2007 4,964 homes were sold, the average sales price was $213,459, and a total of 10,568 new listings came on the market, there were a total of 1,665 active Realtors

In 2006 5,556 homes were sold, the average sales price was $209,443, and a total of 10,018 new listings came on the market, there were a total of 1,706 active Realtors

In 2005 5,831 homes were sold, the average sales price was $201,185, and a total of 9,190 new listings came on the market, there were a total of 1,543 active Realtors

In 2004 5,393 homes were sold, the average sales price was $179,883, and a total of 8,255 new listings came on the market, there were a total of 1,418 active Realtors

In 2003 5,259 homes were sold, the average sales price was $165,306, and a total of 7,886 new listings came on the market, there were a total of 1,233 active Realtors

In 2002 4,896 homes were sold, the average sales price was $152,400, and a total of 7,594 new listings came on the market, there were a total of 1,120 active Realtors

I thought it was interesting to see how our local housing market has gone up and down.  I do feel this year is going to continue to show consistent improvement in the market and anticipate values to continue to slowly but surely rise.

If you are thinking of buying or selling a home in Roanoke, Virginia our team would love the opportunity to interview with you and apply for the job of helping you.  Together we have over 43 years combined experience and have participated in closing thousands of real estate transactions.  We have the experience and knowledge to help you through any market, situation, circumstance, and will take excellent care of you every step of the way.

To meet our team, see the home we currently have for sale, and to see what our past customers and clients had to say about heir experience with our team, please visit our website at http://www.thecrouchteam.com.

To put one of the highest recognized real estate teams to work for you today, call us at 540-725-7727 or email me at christycrouch@aol.com

 

What’s My Home Worth In Today’s Market?

What a great question, and one we as Realtors get asked all the time! There are various factors that go into determining what a home is worth and honestly, if you stood 10 Realtor in a line and asked them what a home is worth, you may likely get 10 different answers.

Unfortunately there is no magical exact value for any home. At the end of the day the question becomes, what is a buyer willing to pay and what is a bank willing to loan in most cases. To get to that point there are many factors that come into play including but not limited to the size, condition, location, tax assessed value, and what other homes are currently listed for and have recently sold for.

Generally to determine the value of a home we as Realtors will pull the tax assessed value, look at the home, and then do what’s often referred to as a CMA which stands for comparative market analysis. This is inclusive of other homes that are for sale, pending, and recently closed. Then we discuss with the seller what they’ve recently done to the home that they feel would impact the value, what they owe, and what they’re looking to walk away with. There is generally a range of value and we pull a number from there.

Once the listing price has been set there are three more folks that have to be convinced of the price before a home can successfully close; first is the buyer, second is the agent that represents the buyer, and third is the appraiser that’s working for the bank to determine if the home is worth what the bank is about to loan.

It doesn’t really matter what kind of listing price is set on a home if these other parties aren’t convinced, it won’t close. In fact within the last two years I sold the same house 3 times before it finally closed. The first two times we sold it, it didn’t appraise for the sales price and the contract fell through. When this happens and a home doesn’t appraise there are three options; one the seller can agree to come down to the appraised value which they did not. Two, the buyer can pay the seller the difference in the sales price and the appraised value, in most cases a buyer is not going to be willing to say “sure Mr/Mrs seller, I’ll agree to pay you more than the home is worth, possible yes, but not customary. Third the contract falls through which is what happened twice before this particular seller finally agreed to sell at market value and the third time we actually closed.

Many sellers think Realtors are the ones that determine the value of a home and while we do have some impact and input, we aren’t the ones to really determine the value. If we were we’d get all our sellers top dollar b/c that would make them the most happy and since we’re paid based on a percentage, the more they make, the more we make and the happier everyone would be. Price is one of the hardest things for us as Realtors to discuss with our potential sellers because we know everyone wants more for their home including us :) It’s not easy to go in and tell a seller that their home is worth possibly thousands less than what they had hoped for.

Unfortunately it’s become even harder in recent years to determine that magical price because we have had so many extenuating factors weigh in as a result of the housing market crash. We have distressed properties, stricter lending guidelines, tax assessed values going up and down at the wrong time. By that I mean they should’ve lowered our tax assessments faster to respond to the market drop. Once they finally lowered them the market had starting improving and now it would help if they were what they were before they lowered them to support market value. Really tax assesses value doesn’t hold nearly as much weight as it once did on the market value. Long ago you could add 10-15% to tax assessed value or thereabouts and get a rough idea of what you could sell for. Not necessarily true in today’s market.

With all this being said it generally boils down as I said in the beginning to what the buyer is willing to pay. And how long a seller is wiling to wait to find that right buyer. If our team can be of assistance to you with selling or buying a home in Roanoke, Virginia and surrounding areas we would love to interview with you and apply for the job.

We have a fully staffed team with a specialist in each area of the business to ensure excellent service to you and with over 40 years combined experience we have the knowledge that you need to navigate the waters of both buying and selling in today’s market. Please visit our website at http://www.thecrouchteam.com to meet our team, discover more about us, see the homes we have for sale, and what our past customers and clients had to say about their experience with buying and selling a home in the Roanoke area with us.

Sellers Getting Ahead Of Spring Rush

Just got an email with this article from the National Association of Realtors about sellers listing their homes now vs waiting until spring actually arrives in hopes to get a jump start on the market.  This is something I’ve always encouraged our customers and clients to do in order to avoid being one of too many for buyers to choose from. 

The goal of course being to be SOLD before all those other homes come on the market.  So the magical question then becomes what does it take to be SOLD not just listed.  If you ask any seasoned agent, it really boils down to three main factors; price, condition, and location.  The first two of course are in a seller’s control the third is not.  Some locations are more desirable than others and some tend to sell faster than others.  

Having the right price is one of the biggest keys to selling vs sitting.  As a seller you have to really study the competition and look through the eyes of a buyer to determine why they would choose your home over the others.  And then look at what’s recently sold because that’s what other agents, buyers, and appraisers will use to determine what your home is ultimately worth.

Many of our sellers ask us, what do you think we should price our home at?  And that’s obviously a great question and while we as agents can give advice based on our experience, unfortunately we aren’t the ones to determine the value of a home, the market is. And we have to convince three people; the buyer, their agent, and then the appraiser.  In recent years appraisers and banks have tightened up extremely on the values due to the volume of foreclosures they’ve had to deal with.  

There have been many situations where a home sold at a certain price but then didn’t appraise at which point the deal either falls apart, the buyer pays the difference, or the seller comes down to the appraised value.  Being priced competitively in my opinion is the biggest key to selling in a reasonable time frame.

Second to that is condition.  With a microwave society becoming even more impatient as the days pass, consumers want everything right now, in perfect condition.  Buying a home is a very big decision and a very emotional one.  Sellers should really walk around and through their home pretending like they were considering buying it.  And ask themselves what they would be willing to pay for the home based on the knowledge they have of the market, the condition, and the location.  What if anything needs to be done to the home to have it be more appealing?  And then consider doing those things and pricing it at a price they’d be willing to pay.

Some of these are hard pills to swallow as a seller but it is the reality of what it takes in today’s market and society.  Fortunately the housing market has continued to show consistent improvement and overall values seem to be improving so the brunt of it all will hopefully no longer be solely on sellers.  

I do believe we are about to see a big window of opportunity for the housing market as we move toward the spring season, into the second quarter of this year and through tax time.  If you are thinking of buying or selling a home in the Roanoke, Virginia and surrounding areas, our team would love to interview with you and apply for the job of helping you.  

We offer over 40 years combined experience in real estate sales with a professional in each area of the business to ensure excellent service with proven results for you.  Please visit our website at http://www.thecrouchteam.com to meet our team, learn more about us, see the homes we have for sale, and to see what our past customers and clients had to say about their experience with us.  To put us to work for you to day, please call our office at 540-725-7727 or email me at christycrouch@aol.com.  Here is a copy of the article I mentioned in the beginning:

Sellers Getting Ahead of Spring Rush

DAILY REAL ESTATE NEWS | TUESDAY, FEBRUARY 11, 2014

The spring selling rush may already be under way, as some home owners are already throwing their properties on the market to take advantage of rebounding home prices and improved equity.

Paul Reid, a real estate agent with Redfin in Temecula, Calif., says some sellers are listing properties earlier than usual in anticipation of the spring season.

Sellers are “nervous about what the spring is going to bring,” says Reid. “They don’t know if everybody will list this spring — then you’ll have a big counterbalance toward too much inventory — or if there’ll be a crunch again. They figure they’ll get out ahead of the market, list, sell, and be done with it.”

Inventory shortages persisted last year, when supply was at a 12-year low leading into the spring. The shortages helped boost home prices, but gave home buyers limited choices and sparked bidding wars in many markets. New-home construction is now at a third of its 2006 peak, which likely will keep inventories tight this spring. But, economists say, improved home prices will likely convince more sellers to sell this year, and that should relieve the inventory crunch in many markets. 

In the last four months of 2013, year-over-year inventory levels of homes for sale began to climb after 30 straight months of declines, according to the National Association of REALTORS®.

Inventories increased in some of the states with the tightest markets, such as Arizona, California, Georgia, and Florida. In Sacramento, Calif., asking prices rose 11 percent last year, and listings soared 58 percent in December, according to realtor.com®’s housing report. Inventories also rose by 20 percent or more in Minneapolis; Orlando, Fla.; Atlanta; Dayton, Ohio; Oakland, Calif.; and Phoenix.

“Rising inventory is the primary reason that we expect the pace of price gains to drop back,” says Paul Diggle, property economist for Capital Economics Ltd. Prices are expected to rise only 4 percent nationally this year, compared to an 11 percent gain in 2013.

Unemployment down? Recovery Strenghtening in Roanoke? YES!

So I just read this exciting information from our local board of Realtors and wanted to share it with you!  As we continue moving toward the spring market and away from this snowy weather and cold temperatures I expect the market to continue getting better and better. 

Check out all this positive news about the Roanoke area.  And if our team can be of support to you with buying or selling a home we would love the opportunity to interview with you and apply for the job of helping you.  We work with a lot of folks here in the area, offer a fully staffed team with a specialist in each area of the business to ensure you the very best service possible with over 40 years combined experience to support you through anything that may arise when buying or selling with us. 

We’ve sold 9 homes already this year and are negotiating 2 others as I type this.  When working with our team rest assured you’ll get our 100% with your best interests put first and foremost!  If we can be of support give us a call at 540-725-7727, email me at christycrouch@aol.com, or visit our website to meet our team, 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 at http://www.thecrouchteam.com. 

Here is the information from The Roanoke Valley Association Of Realtors:

New unemployment figures confirm the recovery is strengthening in Roanoke, which just experienced its lowest level of unemployment since November, 2008 and the lowest December figures since 2007. Unemployment figures from the Bureau of Labor Statistics show there were 1,591 fewer unemployed in the Roanoke metro area in December, 2013 when compared to December, 2012.

Last year appears to have been a good year for Roanoke’s economy. Data on economic growth revealed Roanoke outpaced 75% of metros in gross metro product growth in 2012. Regional employers have responded by adding jobs to meet growing demand. Consumers have responded as well: 2013 home sales were at their highest level since 2007 in terms of number sold.

Did you know that…

  • The typical homebuyer in 2013 searched for 12 weeks, and viewed 10 homes before purchasing?
  • The typical home purchased had 1,900 square feet of living space, and was built in 1992?
  • The typical homeseller lived in their home for 9 years before selling?

And here’s some more interesting Info…..

NAR 2013 Profile of Home Buyers and Sellers:
Home Buyers
38% of recent home buyers were
first time buyers, slightly less
than the historical norm of 40%.
66% were married couples — the
highest share since 2001.
The typical buyer was 42 years
old, while the typical first time
buyer was 31 and the typical
repeat buyer was 52.
Use of the Internet in the home
search rose to 92%.
42% of buyers found their agent
through a referral from a friend
or family members.
Two-thirds of buyers only
interviewed one agent before
they selected the agent they
worked with.
88% of buyers purchased their
home through a real estate
agent — a share that has steadily
increased from 69% in 2001.
88% of buyers would use their
agent again or recommend to
others.
The typical home buyer
searched for 12 weeks and
viewed 10 homes.
Homes Purchased
The typical home purchased was
1,900 square feet in size, was
built in 1992 and had three
bedrooms and two bathrooms.
80% of buyers purchased a
detached single-family home.
The quality of the neighborhood,
convenience to job and overall
affordability of homes are the top
three factors influencing
neighborhood choice.
Heating and cooling costs were
important to 85% of buyers.
Home Sellers
The typical seller lived in their
home for 9 years. (In 2007, the
typical tenure was only 6 years.)
88% of sellers used a real estate
agent to sell their home. 84%
would use their agent again or
recommend to others.
39% of sellers found their agent
through a referral from a friend
or family member.
25% of sellers used the agent
they worked with previously to
buy or sell a home.
Two-thirds of sellers only
contacted one agent before
selecting the one to assist with
their home sale.
Almost half of sellers traded up
to a larger and higher priced
home. 59% purchased a newer
home.
Recent sellers typically sold their
homes for 97% of the listing
price and 47% reported reducing
the asking price at least once.
36% of sellers offered incentives
to attract buyers, most often
assistance with home warranty
policies and closing costs.
Financing
88% of buyers financed their
home purchase, typically
financing 90% of the cost.
For Sale by Owner (FSBO) Sellers
The share of home sellers who
sold their home without the
assistance of a real estate agent
was 9%. 40% of FSBOs knew
the buyers before the home
purchase.
The typical FSBO home sold for
$184,000 compared to $230,000
among agent-assisted home

sales

Roanoke Virginia Housing Market

So today marks the end of the first month of this year!  I can’t believe how fast it’s gone by.  I am just working on numbers this afternoon and wanted to share how our market is doing so far.
 
As of today according the the Roanoke Valley Multiple Listing Service there are currently 2,970 single family residential homes for sale.  There have been 600 new listings put on the market during the month of January.  There are currently 318 pending sales.  199 homes have closed so far.  The average list price of the homes that have sold is $172,694, the average days it took a home to sell is 227 and the average list to sales price ratio was 94.4%
 
This is a decent start to the new year and I’m really excited to see how things progress as we move closer to the spring market.  As we head into the next few weeks traditionally our market picks up as consumers begin to get tax refunds back or find out how much they owe.  Buyers are also starting to look now in hopes to be moving in their new homes as the warmer weather comes in. 
 
If you are thinking of selling now is a great time to come on the market so there’s less competition for you than there will be as we get closer to spring.  So many folks list their home in the springtime because they think that’s “the” time to sell.  And yes, there are plenty of buyers out and about in the springtime, but as a seller being one of few is better than being one of many for buyers to choose from. 
 
Our team would love the opportunity to interview with you and apply for the job of helping you, we’ve sold 7 homes so far this year.  We have a specialist in each area of the business to insure your every need is taken care of and that you experience as much of an enjoyable and headache free home buying and selling process as possible. 
 
Please visit our website at www.thecrouchteam.com to learn more about our team, see what our past clients had to say, and to see all the terrific homes we have for sale.  On our website there’s also a page about selling and buying if you need to do both.  This pages explains all the different scenaris that can come up and ways of going about doing both simultaneously.  Also watch our quick video to meet the team.