Will Luxury Real Estate Properties in Virginia still be in the Housing Market During this Pandemic?
The housing market has seen significant growth since June after being put on hold by the pandemic. Despite the economic uncertainty and the spread of the pandemic, home buyers continue to buy homes listed for sale. The annual growth in both the list and sale prices show a lack of inventory and incredible demand at the same time.
Two major factors drive the housing industry, mainly low-interest rates and the shortage of available housing inventory. Home sales have risen to an all-time 14-year high this year. Home sales continue in all regions, and the median sales price continues to grow successfully. The flow of buyers and sellers remained high in the fall season. The holiday season is likely to see a rise in the real estate market due to the rise in housing demand and the supply of new listings.
The following are some of the marketing trends in Virginia luxury real estate:
1. Surge in Housing Prices:
Low mortgage rates are helping buyers overcome the surge in housing prices. Mortgage rates for housing will stay at 3% for the next 18 months which will make things easier for home-buyers. The listing prices are growing at 13.1 percent over the last year. Lower mortgage rates are keeping home buyers afloat amidst continuous price gains.
2. New Property Sales were Up by 1 Percent:
The improved selling prospects in November are a good sign that new homes will be brought into the market. New listings are essential to ensure the growth in home sales as this will enable home-buyers to make more purchases.
3. Time on the Market is 14 days Faster than Last Year
The time on the market is 14 days faster than last year, this is almost 2 weeks faster than a year ago. Homes are selling at a faster rate than they were at this time last year. This turnover indicates the pace of home sales despite the slower season. In addition to the martyr pressures, the measured time on the market is also dropping as the share of fresh listings rise.
4. The Total Active Listings were down 39 Percent
This steadiness suggests that despite improvements in the trend of new sellers, the current trend gives no relief to buyers as it would not slow down the price growth. The housing market continues to favor sellers – the total active listings have been lagging from the previous year due to high interest from buyers and the limited flow of new listings. Homes are being sold at an increasingly fast when compared to the previous year.
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