As the national real estate market begins to relax and offers
more time and opportunity to buyers, Eastern and Southeastern
Virginia move forward into 2006 with a strong, stable real
estate market. In real estate the most important factor to
consider when buying, selling or relocating is LOCATION. The
unusual warmth of Virginia's winter this year has helped the
region avoid the normal, yearly slowdown of the local real
estate market. A balanced real estate market seems to be the
trend across the United States. In the Tidewater and Hampton
Roads region of Virginia buyers and sellers can both benefit as
the real estate market shifts simply level the playing field.
New Construction vs. Resale Homes
In the January issue of House and Garden Magazine seventy
percent of the readers answered a homeowner's poll. This poll
revealed that a majority of home buyers would prefer to live in
a newly built home, as opposed to an existing home. In my
experience, I find that existing homes being sold in
neighborhoods that have new construction projects are often on
the market longer. The sellers also have a tendency to overprice
the home or property, which causes them to loose valuable market
time and to overlook good potential buyers. Overpricing your
home and then dropping the price over time is not a useful
strategy in today's real estate market. It is better to work
with an experienced real estate agent and list your house for
what it is really worth. Other information gathered in the poll
showed the following results: thirty-eight percent of home
buyers want a media room or a home theater, seventeen percent
want a home spa, ten percent want a wine cellar, ten percent
want a guest suite and nine percent prefer a personal dressing
room. These types of special features are wonderful additions to
your new home however; this level of comfort will be reflected
in the price of the home.
The National Real Estate Forecast: Still Strong!
The National Association of REALTORS® (NAR) is forecasting a
minor decline in home sales for 2006, largely due to an increase
in interest rates. The NAR, however, believes this year will be
strong regardless. According to the article Realty Times
Outlook-The Inverted Economy, by writer Blanche Evans, "It's
obvious that buyers are starting to gather by the sidelines."
Evans states that "Chief economist David Lereah said that homes
sales should slide by about five percent." "But that's nothing
to panic about," Evans continues, "Keep in mind that housing
sales have reached new records every year for the past five
years. Also, home prices are still expected to rise." The
experts seem to feel an attitude of doom and gloom is not
necessary in the current real estate market and I agree. When
all of the factors are weighed buyers and sellers will continue
to prosper. David Lereah has also stated he expects the
thirty-year fixed mortgage rate to stabilize around 6.6 percent.
Presenting and Staging Your Home: Advice for Sellers
The Local and National real estate markets will continue to grow
despite the mortgage rate increases and slight decrease in home
sales happening as the market adjusts. As the real estate market
balances itself home buyers have more options and more time, but
this still bodes well for sellers. In the February 15, 2006
issue of Realty Times Blanche Evans writes that "With rising
inventories there are a lot more dream homes on the market."
This is especially true in areas that are considered highly
desirable locations. Sellers can get the price they want for
their property, but they may spend more time on presentation and
staging. On January 13, 2006 Les Christie of CNNMoney.com talked
about how to sell your home in a changing market. "First
impressions count," writes Christie, "the first thing most
buyers see is the front yard." "Next," Christie continues, "turn
your attention to the house's exterior. Freshen up trim and
touch up concrete steps." Even small upgrades in the look and
feel of the home will make your home sale more successful and
profitable. In March's Real Estate Market Trends article I will
discuss "Echo Boomers" and their impact on the real estate
market. Visit my web site at www.voncannonrealestate.com for
other related articles on real estate.
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