Winchester – Frederick County, VA Real Estate Market Report – 11/2016

Winchester – Frederick County, VA Real Estate Market Report – November 2016

Well, there are 11 down and 1 to go. Months, that is. The Winchester – Frederick County, VA real estate market is back in stride after the election slowdown. November still had signs of an election hangover, but like an Alka Seltzer and a good nights sleep, time will cause that hangover  to fad away over the next weeks.

Winchester – Frederick County, VA Real Estate Market: By the numbers

The overall sales for November 2016 (this would be homes contracted in late September, October and early November) were 140. That’s a 10% increase from the same period in 2015. Of that number, Stephens City carried 20% of those sales. Frederick County had 114 sales, and the city of Winchester had 26.

The only lagging number in local real estate sales was the total days on the market. November 2016 showed 109 Winchester - Frederick County, VA Real Estate Market Report - 11/2016average days on the market compared to 64 in 2015. Here again, an election year affects how the market responds to the uncertainty of an election cycle. Mid-term elections have a very small impact on the Winchester – Frederick County, VA real estate market, but presidential elections can have a large impact on the market.

Winchester – Frederick County, VA Real Estate Market: What’s in the numbers?

There were a number of very positive changes in the numbers this November. The average sale price is up $23,008 from 2015. The November average sales price was $268,024, compared to $245,016. Home prices have been steadily climbing in 2016. A recent Real Estate News article on Realtor.com revealed that home prices have surpassed 2006 numbers.

One of the most encouraging numbers is the distressed properties. Distressed properties are short sales and foreclosures (or REOs). The distressed properties in the 2015 November market were 19% of total sales. In the November 2016 market, that number fell to 8%. Eight to nine percent have been an average for most of 2016. The large decline year to year is another great sign that the market is back on track. Mortgage Daily News reports that negative equity is down 24% year to year.

That is a good sign for home sellers. Buyers will pay a little more for homes in 2017, but home sellers who have been treading water for the past 6-8 years are finally going to get a little relief in their ability to sell at a profit.

As noted above, the only negative numbers for November relate to the days on the market, and it is reasonable based on historical facts to pin that increase in days on the market to the election uncertainty. Peering into 2017, the Winchester – Frederick County, VA real estate market looks poised to have a great year.

Winchester – Frederick County, VA Real Estate Market: Get a home-buying-selling advantage in 2017

If you’re a buyer or seller in the in the Winchester – Frederick County, VA real estate market, make sure to call Cornerstone Business Group, Inc. We are your local real estate sales pros.

 

Make your home inviting when you list it to sell.

Make your home inviting when you list it to sell.

Make your home inviting when you list it to sell. That makes sense, right? But, how do you do that? If you are still living in your home, there are many ways to make your home inviting, but let me give you my favorite simple inexpensive ways to do it.

  • Make sure you have the lights on when a potential buyer shows up. Light is make your home invitingalways your friend. You want to set the mode for a buyer to feel like he/she is coming in from the day.
  • Have paddle fans on low to move air and keep the rooms comfortable.
  • Make sure it’s clean and smells fresh. No incense. No burning scented candles. No air fresheners unless they are extremely faint. A clean smell is better than a perfumed smell. You don’t want it to smell like bleach, but you want it to smell fresh and clean.
  • Leave a music channel on your stereo (do people still have those) or on your TV as background noise. Keep it to something smooth and soothing like a smooth jazz or classical (especially strings, no vocals) station. You don’t want it to be loud, but you want it to be noticeable.
  • Make sure the bathrooms have fresh towels neatly folded over their towel bars.
  • Make the beds and stage them with throw pillows.
  • Keep your closets neat and arranged. Shoes in order. Clothes neatly hung. Shelves should not disheveled, but arranged orderly.
  • Make sure your dresser drawers are closed with no clothes hanging out.
  • In the kitchen, keep the counters clean and free of unnecessary items. Keep the cabinets closed and neat inside. Buyers may open them to see what the inside is made of.
  • Leave a list of upgrades on the kitchen counter so buyers will know right away how you cared for your home.
  • You may also want to leave a list of when your systems were replaced or serviced. A water heater, furnace, roof or other big-ticket item is always a concern for a buyer. If you’ve maintained those items regularly, or if you’ve replaced them recently, let the buyer know that.
  • Keep a bowl of snacks available for buyers to enjoy. Make it simple like mini-candy bars, mints or some sort of hard candy. Avoid cracker type treats. Leave a welcoming note encouraging the buyers to enjoy a snack.
  • Put sports equipment away, and freshen sports clothes, bags and shoes to avoid unnecessary odors. I have two sons, and I can tell you that some of those sport clothes, bags and shoe smells could send a buyer running out of a house.

You can see how simple it can be to make your home inviting. It doesn’t have to be a big financial investment. You want the buyers to feel welcome when they walk through the door. You want them to imagine coming home after a day away and sensing the comfort of being home. Make your home inviting, and it will sell. When you’re ready to sell, give your Cornerstone Business Group, Inc., agent a call. We are your local real estate sales pros.

Make your home inviting when you list it to sell.

Winchester, VA Real Estate Market Update – November 2015

The Winchester, VA real estate market made its typical seasonal adjustment in Nov 2015 ChartNovember 2015. The total number of homes sold was 111 with 16.3% of them being distressed properties (foreclosures and short sales). The distressed sales were down .3% from the same period in 2014. The numbers show a consistent pattern year to year.

The only concern in the numbers from October to November 2015 is a 29% drop is overall sales. In 2014, there was also a drop, but it was only 13% showing a consistent seasonal change. What accounts for the 16% difference year to year? It may come back to inventory.

There are currently 735 homes available on the Winchester, VA real estate market. That number is still higher than a stronger local market would have. Excess inventory can create a small shift in the number of days buyers have to buy which creates a big difference in the number of homes sold. Homes are sitting on the market an average of 14 days longer than the same period just a year ago. Two weeks during a season where the weather is changing daily and daylight is limited can add up to less sales and longer days on the market. At this point, the market is following a consistent pattern with a few exceptions.

 

Winchester, VA Real Estate Market Update – September 2015

The Winchester / Frederick County, VA real estate market saw 150 sales in September 2015. Of those sales, 12% were distressed property sales. Six sales were short sales and 12 sales were foreclosures. The September number of total sales was down 17 sales from August, but that is consistent with the 2014 numbers. In 2014, September sales were 129 with a 13% distressed property sales.

The distressed property sales were up 3% from the previous 8 months, but the September 2015 number is consistent with the 2014 number. The Summer of 2013-2015 have followed similar patterns in the number of properties listed, sold and how many were distressed properties. The market appears to have found its equilibrium. There were no major market shifts through the end of the third quarter.

The Winchester / Frederick County, VA real estate market has settled into a consistent pattern that agents, buyers and sellers can use to make market decisions. The ebb and flow of the local real estate market has been basically the same for three years. That should bring some comfort to homeowners who are thinking of making a real estate move figure_house_shopping_1600_clr_2083in the final quarter of 2015.

There is more good news for fourth quarter buyers. RealtyTrac recently released a study based on 32 million home sales over the past 15 years. They found that October is the best month to buy a home, followed by February, December and January. Monday and Friday were the best days of the week to buy, and October 8 is the single best day of the year to purchase a home. Buyers should not let cooler temperatures keep them from fulfilling their home buying dreams. They may just get a better deal in the Fall and Winter months. When that days rolls around, give your Cornerstone agent a call. We are your local real estate sales pros.