Winchester – Frederick County, VA Home Sales – August 2016

Winchester – Frederick County, VA Home Sales – August 2016

Winchester – Frederick County, VA home sales for August 2016 showed a lateral move and not an up or down move. Total home sales for July were 172 with August adding 175. The percentage of REO and short sales (distressed properties) were 7% across both months.

The average original list price to sale price for properties in August was 93.86%. July had a 94.90% original list price to sale price. The total days on the market was 59 in July and 53 in August. You can see how the data is near mirror image of each month.

The only negative change took place in the average sale price. The average sale price of July sales was $278,182, but August fell to $252,870. That might make some potential sellers nervous, but they shouldn’t be. Homes are averaged from the lowest sales price to the highest sales price. Those numbers can vacillate quite a bit depending on where the majority of sales take place.

Location, location, location

The majority of the August sales were in the 22602 zip code of Winchester - Frederick County, VA Home Sales - August 2016Frederick County (62). Winchester City 22601 (41) followed that and then Stephens City, VA 22655 (33). The other communities in Frederick County made up the balance.

Of the 175 sales, 147 were detached single family homes, 24 were townhouses and 4 were labeled as “other”. The average sale consisted of a 3 bedroom, 2.5 bathroom home. That was true of both months.

Different Seasons Bring Different Sales Number

The summer months tend to be a cooling off period for the Winchester – Frederick County, VA real estate market. If you think about what is happening in the summer months, you can see why things slow down a bit. Families are on vacation, kids are out of school and home shopping isn’t a top priority. The market picks up in the second week of September, and it runs smoothly until the holiday season rolls around in November – December.

When you are ready to buy or sell in the Winchester – Frederick County, VA real estate market, give Mike Cooper at Cornerstone Business Group, Inc., a call. We are your local real estate sales pros.

 

 

The Stephens City, VA real estate market continues to impress.

The Stephens City, VA real estate market continues to impress.

The Stephens City, VA real estate market continues to impress as 2016 marches on. The Stephens City, VA real estate market continues to impress.The August sales volume was 33 sales with only one short sale. Distressed property sales have nearly fallen off of the Stephens City, VA real estate market.

July sales also saw a decrease in distressed property sales. The overall Winchester – Frederick County, VA real estate market has maintained a 7% average with 12 distressed sales, but that is a pretty consistent number in an average market. The Stephens City, VA real estate market only contributed 1 short sale to that overall number.

How did the August market breakdown?

The number of new listings added to the Stephens City, VA real estate market was 32. The combined total listings for August were 120. There were 20 homes that went under contract, 14 new contingent contracts and 34 new pending contracts. New pending sales were down 8.11% from the same period in 2015, but that coincides with less new listings year to year.

More positive news on the Stephens City, VA real state market.

Another positive number in the Stephens City, VA real estate market is the days on the The Stephens City, VA real estate market continues to impress.market. The average days on the market for August was only 34 days. That is down 36% from July and it’s down 25% in the overall Winchester – Frederick County, VA market. The broader market is hovering at 45 days on the market.

Nine homes sold in the first 10 days of their activity on the market. The next highest number was in the 31-60 days with 8 sales. A home that is in good condition, priced well and is easy to see will likely sell quickly.

Of the 33 sales, the average list price to sale price was 3.3%. Even a well priced home may have some room for negotiation. A savvy buyer is going to know what the comparable sales have been in the market he/she is buying in.

One negative change, but don’t panic.

The only negative change in the Stephens City, VA real estate market is the average sale price. The average sale price dropped to $243,005 from $263760 in July. That change is most likely attributed to the largest sales price in July compared to August. The July largest sales price was $698,870 while August was $399,990.

When you’re ready to buy, give Stephens City, VA a good look.

When you’re ready to buy in the Winchester – Frederick County, VA real estate market, give the Stephens City, VA real estate market a good look. It continues to impress. When that day comes, make sure to call Mike Cooper at Cornerstone Business Group, Inc. Cornerstone is your local real estate sales pro.

 

Winchester, VA Real Estate – Real Estate Funnels

Winchester, VA Real Estate – Real Estate Funnels

The Winchester, VA real estate market is a lot like other rural real estate markets in that it operates on a funnel principle. In a funnel-shaped market you have different categories of buyers and sellers. They do tend to follow the same patterns, but they may not realize there is a counter-part on the other side of the deal that is reacting differently to a real estate opportunity.

Winchester, VA Real Estate – $50000 – $125000

In the Winchester, VA real estate market, the funnel starts with a large opening at the Winchester, VA Real Estate - Real Estate Funnelstop. That funnel is full of buyers who are qualified, or simply looking for properties in the lower price ranges. That can be anywhere from $50000 to $125000. In the $50K – $125K range, a lot of first time buyers, low-income buyers and down-sizing buyers are looking for homes. There are hundreds of buyers in this part of the funnel. The only problem is that there aren’t enough homes to meet the needs of this group. Competition can be fierce in this part of the funnel.

Winchester, VA Real Estate – $185000 – $225000

The next part of the funnel is the $185000 – $225000 range. This is an established group with some first-time buyers, but it is also a good place for move up buyers leaving the first part of the funnel. It will also catch some of the down-sizing buyers. This is a pretty active group and it can be very competitive too. There aren’t as many buyers and sellers as the first part of the funnel, but it is still a large group. This is a prime area for multi-contract battles.

Winchester, VA Real Estate – $335000 and beyond

In the third part of the funnel, the funnel begins to narrow more radically. This is the $225000 – $325000 range. It is still a good-sized body of buyers and sellers, but the numbers are getting smaller as the funnel gets smaller. It is still competitive, but it is not as competitive as the first two parts of the funnel. This part of the funnel can extend up to $400000. The gap between $325K to $400K is filled with less buyers and sellers, but it is still in a fairly active market area.

In the Winchester, VA real estate market, the funnel really narrows as the numbers cross $400000. There are less buyers and less sellers. Because the area has less buyers, sellers need to be aware that a property may sit on the market a little longer. That doesn’t make it a bad property, but there are fewer buyers to buy. That isn’t true in all markets. Some markets have much wider funnels for longer periods of time.

There are real estate funnels in every market. The numbers change depending on the capacity of buyers and sellers in each market. The one thing that doesn’t change is where the volume of buyers and sellers are in each funnel. The higher the price tag on a home, the fewer buyers and sellers there. The lower the price range, the higher the number of buyers and sellers.

Winchester, VA Real Estate – Real Estate Funnels

There Are Do’s and Don’t Do’s While You’re in Escrow

There Are Do’s and Don’t Do’s While You’re in Escrow

There are do’s and don’t do’s while you’re in escrow. But, before we get to the do’s and don’t do’s, let me give a simple explanation of what escrow is. Escrow comes from an old word that basically means a piece or scrap of paper. In real estate, when two or more parties enter into a contractual agreement which involves money, it is said that the agreed upon contract is in escrow. The agreement is typically followed by the exchange of money which is held by third-party who will hold money until the contract parameters are complete.

In real estate, the listing or selling broker is more likely to hold the escrow monies in aEscrow separate escrow account. During the escrow period, the buyer will be working through the lending process and the seller will be taking care of any negotiated repairs and legal requirements necessary for him/her to fulfill his/her part of the contract.

For the buyer, the escrow is especially sensitive when it comes to money. There are definite do’s and don’t do’s during that period. As the buyer is working with a lender, his financial situation should freeze in place on the debt side and improve on the asset side if there are opportunities to do so. What should a buyer do and not do during escrow?

Don’t do these during escrow

  • Don’t open new credit accounts. The lender will pull a credit report just before closing. Any new credit accounts may affect the credit score of the buyer.
  • Don’t take unpaid time off from work. A consistent and steady income is what the lender is basing his assessment of the buyer on.
  • Don’t buy a new car, furniture or anything on credit during that period. Every added debt changes a buyer’s status.

Do these during escrow

  • Do continue to pay all debts on time or in full if possible.
  • Do pay all debts on time or before their due date. I had a contract fall apart a few days before closing because a buyer failed to pay a mortgage payment on time in the month of closing.
  • Do collect any gift letters from participating family members. Sometimes, a family member will gift down-payment or closing cost funds to a buyer. There needs to be evidence of the funds existence and a gifting letter should be on file to confirm that the funds will be available at closing.
  • Do continue to show up for work and deposit paychecks to show a pattern of employment and income.

I always encourage my buyers to freeze in place. Don’t do anything that will have a negative affect on their contract. They need to continue to do the positive things they have done that caused them to be qualified for their loan in the beginning, and they need to avoid anything that would negatively affect their purchases. There are definite do’s and don’t do’s while you are in escrow. Knowing which ones to pay attention to can make a home purchase a breeze.

When you’re ready to make that home purchase, give Cornerstone Business Group, Inc., a call and we’ll help you navigate the process. We are your local real estate sales pros.