2014 is over and with that, we’ve got some very valuable insight into what happened in the Real Estate Market last year. The year ended with 6% in sales over the fourth quarter in 2013, which is a pretty significant gain especially because the fourth quarter is considered one of the slowest. Overall sales in Virginia increased by 2.6% from 2013.
The Richmond Association of Realtors shares all sorts of useful information for those who are interested in Real Estate. One figure that stands out is that the median sales prices for a home has gone up 5.5% which means that people have not only been able to afford housing but that they are able to afford a little more of it. This reflects on employment rates and salaries, the economy is improving and it is apparent.
There’s nothing that is more exciting than reading these news as a Real Estate Agent, although the challenge that we are currently facing is that we don’t have enough homes to sell. People are still scared to sell which is very unfortunate since they are getting closer than ever to getting the price they want which will allow them to get bigger and better homes after they sell.
Virginia was one of the few places in which the economy didn’t suffer as much as some other places in the country and the proof is in how quickly the Real Estate Market is recovering. More people are buying but not enough people are listing which means that this market is great for the seller, this may not be the case once Spring comes around though because everyone will list at the same time. Get ahead of the game and sell your home today if you've been thinking about doing it. You’ll get some of those eager buyers and be ready for a move once the weather clears up!
WandaFears, Realtor ABR CRS GRI WCR
Richmond, Va. Long and Foster Realtors