Have you been counting the for sale signs in your neighborhood? In most places around the greater Roanoke Valley, they're going up quickly as more and more sellers enter the market. Buyers, encouraged by lower-cost financing and lots of quality properties to choose from, are taking the plunge on that next new home.
Buyers who have been considering an upgrade have lots of options. The National Association of Realtors reportsthat in each month, from January to April, the number of homes in brackets starting at $250,000 has increased over last year. That pattern holds until you get to the one million dollar mark, where April saw this year's first decline in inventory over the previous year.
Take a closer look at the numbers:
So what does this all mean for us?
Well, we're seeing similar patterns around Roanoke — lots of excellent properties coming on the market. For sellers, it means there's some competition in some of these upper-market tiers. Be sensitive to pricing too high and make sure your property is in tip-top shape.
For buyers, it means you have a lot of houses to see. If you're running out of space, want additional amenities or acreage or are just ready to take a step up, start getting your finances in order and determining your price range. Then get in touch, and let's go find your new home.
It's too early to tell whether April's slight decrease in the $1-million-and-up bracket is an indicator that inventory levels will begin to drop in other tiers. I predict that if that is the case, it'll take a few months for the effect to spread to all price points. But that's why working with a full-time Realtor is so important. We're seeing changes in the market every day and adjusting our strategies to suit.
When you're ready to start looking for your next home, I'd love to show you what our area has to offer. Call me at (540) 353-0123 or email me at sonya@sonyadickinson.com. Browse my listings here and be sure to like my Facebook page.
Did you see Smith Mountain Lake's recognition as a top wine destination? Read Time magazine recognizes Smith Mountain Lake as 'great wine trip'.
