Despite what you may read, hear or see on the news, Americans are buying houses this winter and especially in Staunton, VA. Housing inventory continues to fall and pending properties/under contract continue to rise.. As I write this post this evening, Monday, February 6th, 2023 our MLS currently has (129) pending/under contract properties and only (73) new listings. While the market is not insanely crazy hot like last year, it is very active. There were so many naysayers out there that in my humble opinion I think some of those folks are surprised about how the market is maintaining traction.
The demand for homes in Staunton, Waynesboro Augusta County and the surrounding areas is strong for the current levels of supply. There are more qualified buyers than there are active properties/inventory on the market. The big question on everyone’s mind is will this last? Who knows? Depending on your choice for media delivery you will hear arguments supporting the continued market and you will find the naysayer arguments. You might be better off consulting your Magic 8 Ball. What I can say is that the best person to ask about the market in your municipality is a local Realtor you know, like and trust. The person the is elbows and eyeball deep in your local area is the true expert.
Straight from the experts at Altos Research: “the first few days of February 2023 available inventory of homes for sale declined by another 1.8% this week to 457,000. It’s not totally unheard of for inventory this early in the year to keep down for a few weeks. This year’s change though is notable because inventory was rising unusually fast in September, October, and November. if you’re only watching the headlines or if you like to watch the real estate crash Youtubers you’d be expecting now for inventory to be climbing each week and it’s simply not happening.” Inventory across the country is declining because we have more buyers than sellers. What is significant regarding the market is that we continue to see homes that are priced well MOVE. Let me say that again-homes in our area that are priced well are MOVING. And not with just one offer. We continue to homes in locations desired by buyers that are priced well, receive multiple offers and MOVE quickly from “just listed” to “under contract.” Even with the rise of mortgage rates buyers are still buying.
Why does this matter to you? As a seller it matters because we have buyers-and if your home is priced well it will move. As a buyer this means that when a home comes to market, in the location you desire and that home is priced well-you need to be ready to act. Being ready to act means being pre-approved by a lender, working actively with your buyer’s agent and feeling comfortable with the process of buying. Stay tuned for that blog post-Buyers Education 101. Have a great night!
therealtorrn 