You can’t buy the first house you look at, can you?

You can’t buy the first house you look at, can you?

You can’t buy the first house you look at, can you? I hear that question a couple of times a You can't buy the first house you look at, can you?year. As a matter of fact, my Friday closing was a first-time buying couple who bought the first house they looked at. OK, that’s not completely true. I forced them to look at one more on the same street, but they still bought the one the decided on before we met up for the first time.

I bring this up because there are no rules about which house you buy and when. If the first house you look at is the house that lights your fire, buy it. If you feel like you must look at a dozen to know the first one is the right one, that’s fine, but be aware that it may not be there when you go back. That also happened this week. 

Can you buy the first house you look at?

A super sweet couple wanted to look at a few houses. We could only get one on the schedule for that evening, and they fell in love with it. It was perfect for them and it was nearly perfect in every way. We stayed in the house for two hours. Thank goodness there were no showings after us. 

They were pretty convinced that they had found the right home, but that nagging question kept coming back to their minds, “You can’t buy the first house you look at, can you?” That spurred them to set up a few more showings of other homes a couple of days later, and guess what? The house they fell in love with was also a house that someone else fell in love with, but that buyer didn’t hesitate. He bought it. 

My advice is this, if the first house you look at meets all of your criteria: size, condition, location, amenities, price and style, then buy it. Don’t let some other buyer steal your dream home because of some mystical suspicion that you should have looked at more.

If the first house doesn’t meet your criteria, keep shopping, but don’t be afraid to make an offer on a house because it’s number 1 and not number 15. If it’s right, it’s right. You can’t buy the first house you look at, can you? Yes you can. I’ve had it happen three times this year alone and all three families are thrilled with their purchase. 

When you’re ready to buy that first house you looked at or the tenth one, be sure to give Cornerstone Business Group, Inc., a call. We are your local real estate sales pros.

Clarke County, VA Real Estate Market Update – July 2017

Clarke County, VA Real Estate Market Update – July 2017

The Clarke County, VA real estate market is an anomaly in the northwestern region of the Shenandoah Valley. It is a market on an island. It’s not literally on an island, but figuratively it is very much isolated from many areas of the Virginia real estate market. You might say, it has its own course and it doesn’t follow its neighbors in their real estate markets.

The Clarke County, VA real estate market is a smaller market, but it still had 123 sales Clarke County, VA Real Estate Market Update - July 2017in July. That is the second highest sales volume during the month of July in the past five years. The 2016 July sales were 131, but that was considerably higher than the previous three years. Sales numbers for those three years were 87 in 2015, 100 in 2014 and 99 in 2013. The one obvious thing about the Clarke County, VA real estate sales is that they are all over the map.

Clarke County, VA Real Estate Market – By the numbers

There are a critical numbers in every real estate market. Those numbers tend to tell the story of a market’s health, and Clarke County is no different. In that body of data, days on the market, ratio of distressed properties and volume of sales and sale values are important predictors of future growth or decline. Here again, Clarke County, VA doesn’t always follow the norms, but they do give a glimpse into the future.

Clarke County, VA Real Estate Market Update - July 2017The ratio of distressed properties has dropped radically from 2013. There has been a 41% dropped in short sales and foreclosures over the past five years. That’s a very positive number that gives a little insight into the overall health of the market. The July 2017 distressed property sales were 9% of total sales, and that’s good when compared to most of the previous five years. It doesn’t look bad until you look at Clarke County’s next door neighbor, Frederick County. The Frederick County, VA real estate market saw 1.5% distressed property sales in July 2017. Here again, Clarke County is a different animal with different norms.

Over the past five July markets, distressed properties were 2017 – 9%, 2016 – 11%, 2015 – 6%, 2014 – 16% and 2013 – 22%. Only the 2015 had better numbers, but it also had a 30% lower sales volume. In realty, the trend from 2013 to 2017 was continuously moving down, and it is likely that 2015 would have been somewhere between 16% and 11% if the volume was higher.

Clarke County, VA Real Estate Market – Days on the market

Days on the market can also be a predictor of a real estate market’s health. Long periods on the market can signal that there are too many homes on the market, homes are priced too high, home condition issues may exist or there are simply to few buyers for homes.

In reverse, short days on the market can be the result of low inventory, a high number of buyers, well priced homes in desirable locations and in great condition. That short list creates an environment of quick sales and higher volumes of sales.

The five-year average for days on the market in Clarke County is 120, but the July 2017 days on the market hit a low of 91. That is the best overall number for the past five years and it shows a relatively steady decline in days on the market.

Clarke County, VA Real Estate Market – Dollars and cents

The last area of improvement in the Clarke County, VA real estate market is the average price of sales for July. The average sales price was $380,365. That is not a noticeable shift from 2016 which was $377,528, but when you look back five years to 2013, the numbers look better. The 2013 average price for July was $327,939. That’s a 14% increase from 2013.

There has been a steady climb in average sales price since 2013 with 2015 being an exception, but the low sales volume of 2015 caused the average price to be $545,417. Lower volume sales and higher priced homes created that deviation from the current trend.

Overall, the Clarke County, VA real estate market appears to be healthy. It may need a while longer before it fully recovers from its recession hangover, but the data that gives the best view of the market is trending up. When you’re ready to sell or buy a Clarke County, VA home, give your Cornerstone Business Group, Inc., agent a call. We are your real estate sales pros in the Shenandoah Valley.

 

 

Don’t panic; it’s July. Winchester-Frederick County, VA Real Estate Market Report

Don’t panic; it’s July. Winchester-Frederick County, VA Real Estate Market Report

Don’t panic; it’s July. The Winchester-Frederick County, VA real estate market for July 2017 shows a considerable drop in sales from June 2017. Real estate sales dropped 24%. That might sound worrisome to some, but in reality, it’s a seasonal decline that happens year after year.

July of 2016 dropped 9% from June 2016. July of 2015 dropped 23% from June 2015, Don't panic; it's July. Winchester-Frederick County, VA Real Estate Market Reportand July 2014 dropped 37% from June 2014. What causes these mid-year anomalies? Vacations and summer. Home buyers are less likely to buy a home in July than most other months. Buyers are on vacation, kids are out of school, and college students are doing what college students do during the summer. You get the point. People are busy and distracted.

Add to those simple things a run up in inventory like the June to July 2014 market and you can see how the numbers shift away from robust sales to the appearance of dismal sales. The reality is, the Winchester-Frederick County, VA real estate market takes a breather for a month, and it begins to pick up again in August as students go back to school and vacations come to an end.

Don’t panic; it’s July and the numbers are good.

The Winchester-Frederick County, VA real estate market is very healthy at the mid-summer point of 2017. The real value in the current market is seen in where it has been and where it is today. So, don’t panic; it’s July.

The average sales price of homes sold in the Winchester-Frederick County, VA real estate market have made a steady climb since 2013. There has been a 19% increase in value over those five market years. An average 3 bedroom 2.5 bath home sold for $236,312 in 2013. Today, that same home sells for $289,999.

The days on the market has also declined over the same period. That number hasn’t seen the same level of improvement as the sales values, but it’s still heading in the right direction. A 2013 sale took an average of 56 days, and a 2017 sale averages 47 days. That’s not a huge difference, but it is a 16% improvement. Again, that’s a positive change.

Don't panic, its July. Winchester-Frederick County, VA Real Estate Market ReportThe most stunning change over the past five markets is the distressed property sales. This number continues to improve month over month and year over year. The current short sales and foreclosures only account for 1.5% of total sales in July. In 2013, that number was 21% of total sales. That shift alone should give buyers a much greater level of confidence that the value of the property they’re buying is the actual value of the property.

Don’t panic; it’s July and inventory is good.

Sellers are still in a better position in the local market because of the lower inventory, but inventory is climbing. Currently, the inventory stands at 592 available homes with 249 pending sales. The local market is strongest at 500-600 available homes with 550 being the sweet spot. If the inventory increases much beyond 600, the advantage may swing toward buyers, and sales may slow down. Higher inventory equates to more opportunities and that can give buyers the freedom to look at more homes before making a decision.

No matter what data you look at, the Winchester-Frederick County, VA real estate market is strong, healthy and on course for another great year. So, when I say don’t panic; it’s July, you can take that to the bank. When you’re ready to buy or sell a home in Winchester-Frederick County, VA, give your Cornerstone Business Group, Inc., agent a call. We are your local real estate sales pros.