Property sales still strong - over 771 homes sold last month
That's right 771 homes and properties were sold in the cities of Virginia Beach, Chesapeake, and Norfolk last month, that's about 26 homes sold each day last month! Sales are without a doubt slower than they were a year or two ago (during the boom).
The largest differentiator today is that the buyer has far more homes to choose from. Buyer's are picking only the best properties at the best prices. Sellers who attempt to "stretch" are being greeted with very long market times, and frequently no sale at all. For those who have home less than "perfect" expect to sell 5% or more under market value. Properties that are in perfect condition priced correctly are still selling at or near full price.
Today the condition of the home for sale weighs very heavily on the ultimate price sold. Buyers are going through homes with a fine tooth comb. Since buyers usually buy with their hearts and not their checkbooks, that carpet that needs replacing will cost you 5X or more what the actual cost would be if you decide not to change it out. The buyer's "emotional perception" greatly magnifies the actual cost of potential home repairs when they view a home.
Home buyer's are enjoying plentiful choices and all their closing costs usually being paid by most sellers. They are also getting a chance to buy the choicest homes in the best spots in the neighborhood in the best condition. Today it's a buyer's market!
