The Virginia Beach Real Estate Market
How's the Virginia Beach Real Estate Market?
This is the transcript of the video...
When is the best time of year to go house hunting?
How long will it take for my home to sell?
What’s the best time of year to put my house on the market?
When buying a house, when is the best time to get a good deal?
Are sales prices higher in the spring?
Hi, I’m Will Layton, Realtor in Virginia Beach, and today I’m going to answer these questions.
How’s the real estate market? This is the most common question that I get, but it means different things depending on whether you are selling your house or looking to buy one. To answer, these questions, we have to look at some of the sales data.
Here’s a chart showing the number of new listings in Virginia Beach by month over the course of the last five years. It’s obvious that the trend is cyclical. The most new listings come on the market in March through May and fall off November through January.
It’s not surprising that the number of homes on the market peak in April through September and fall in November through January. So if you’re a buyer, you are going to get the best selection of homes during the spring and summer.
The most homes go under contract in May and June. This is when there is going to be the most competition. The spring is the busiest time of year. The charts make this very clear. Why do you think this is? The flowers come out. The groundhog pokes his head out of his hole and starts driving around. Families are finishing up the school year and want to get settled in during the summer vacation. Your guess is as good as mine. But the charts are very clear. The real estate market is much busier in the spring than in the fall in Virginia Beach.
How long does it take a home to sell? The quickest sales are in March through August. It takes almost twice as long for a home to sell in November through February! There are less homes on the market, but there is also less competition.
And that brings us to the sales price. When is the best time of year to get a great deal if you are a buyer? This is the one chart that doesn’t rise and fall with the seasons. It goes up and down from month to month with no clear trend. It’s noise. My theory is that many of the houses that are overpriced and don’t sell during the summer, stay on the market through the fall. The sellers may drop their price, but it is being dropped from overvalued to fairly valued. This gives the perception that you can get a good deal in the fall, but the sales price chart doesn’t back this up.
So, how’s the market? If you thinking about selling your house, I encourage you to do it in the spring if your schedule permits. Your yard is going to look better, more people are going to be house hunting, and it will take less time for your house to sell. Overall, your selling experience will be more pleasant!
If you’re a buyer? You will find the best selection during the spring and summer, but you are unlikely to be able to beat a seller down on price. Can you get a better deal in the fall? Maybe. But it’s more like shopping the end of season sale. You may get a great deal, but it may not fit quite right. Regardless, there are still plenty of great homes on the market all year round.
So I’ll ask it again. “How’s the market.” The market is great! It’s stable year over year. Virginia Beach has the beach and they aren’t making any more of it. And there’s no time like the present. Visit my website WilliamLayton.com to see all of the newest listings, visit us on Facebook @LaytonRealtyGroup to see what’s going on in the market, or contact me directly with questions regarding selling your home or how to find the best neighborhood in Virginia Beach for your family.