For Sellers: Capitalize on Today's Thriving Market

Market Trends Favor Sellers Right Now

If you've been contemplating selling your home, the current market conditions are highly advantageous. Let's delve into the key indicators:

• Rising Home Values:
  • The median sales price has surged to $355,000.
  • This reflects a 1.4% increase from the previous month and a significant 7.6% jump compared to February 2024.
  • This upward trend confirms that home values are appreciating, offering sellers a prime opportunity to maximize their returns.
• Rapid Sales:
  • Homes are selling a remarkable 35.7% faster than last month.
  • The median time on the market is a mere 18 days, indicating that well-priced homes are flying off the shelves.
• Strong Buyer Demand:
  • Sellers are consistently receiving 99.8% of their list price.
  • This demonstrates that buyers are actively making competitive offers to secure their desired properties.
• Limited Inventory:
  • Active inventory has decreased by 4.5% from last month and 8.6% from last year.
  • This scarcity of available homes intensifies competition among buyers, further benefiting sellers.

Key Takeaway for Sellers:

Now is an opportune moment to sell. The combination of low inventory and robust demand can lead to swift sales and lucrative offers. Strategic pricing is crucial to optimize your returns.

For Buyers: Navigating a Shifting Landscape

While sellers are currently in a strong position, buyers can still find opportunities in this dynamic market:

• Rising Home Prices:
  • The increase in median home prices may pose affordability challenges.
  • However, a slight decrease in price per square foot (down 0.5%) could open some doors.
• Potentially Less Competition:
  • Settled sales have declined by 15.2% from last month and 13.9% from last year.
  • This may translate to less intense competition from other buyers.
• Increased Listings:
  • Despite low overall inventory, new listings have risen by 16.8% compared to last month.
  • This influx of new listings could provide buyers with a wider selection of homes.
• More Balanced Market:
  • The months' supply of inventory increased 2.5 months, indicating a slight shift toward a more balanced market. This shift could give buyers more negotiating leverage.

Key Takeaway for Buyers:

While prices are on the rise, the increase in new listings offers potential opportunities. To secure your ideal home, it's essential to get pre-approved and act promptly on desirable properties before prices climb further.

Need Personalized Advice?

Whether you're a seller looking to capitalize on the current market or a buyer seeking to navigate its complexities, I'm here to help. Contact me today for personalized guidance and expert advice.

Megan Luker, Your Trusted Virginia Beach REALTOR®️

📲 (M) 757-703-1590   ☎️ (O) 855-450-0442

MeganVB.com