According to the April 2021 Home Sales Report released by Virginia REALTORS®, the commonwealth saw a 12% increase in the number of new listings on the market between March and April. This double-digit rise brings positive news amid months of staggeringly low inventories of available homes.
While it is typical for new listings to increase between March and April, this year’s month-to-month gain is larger than it has been in recent years. In total, 17,558 new listings came on the market in April 2021. New listings were up 33.5% from April 2020, but last year’s number was low due the arrival of COVID-19.
“Homeowners who were concerned about putting their home on the market during the pandemic may be ready to sell now. Prospective buyers will eagerly snap up new listings, but the increased inventory could slow the frenzied competition in the market,” says Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD.
In total, there were 13,413 home sales in Virginia in April 2021. While COVID-19 caused lower sales numbers a year ago, April 2021 saw 2,500 more closed transactions than in both April 2019 and April 2018, illustrating the high demand for homes in the commonwealth.
This demand has led to a steady rise in home prices, which are up in nearly every market across the Virginia. Statewide, the median sales price was $355,643 in April 2021, up 12.5% compared to a year ago. As prices go up, the time it takes homes to sell continues to decline. In April, homes were on the market an average of 25 days statewide, 16 days faster than the average in April 2020.
The Virginia Home Sales Report is published by Virginia REALTORS®. Click here to view the full April 2021 Home Sales Report. Current and past reports are available to members, media, and real estate-related industries through the organization’s website.
Warren County Market Report – May 2021 with Jen Avery
Watch this video for a quick summary of Warren County real estate for May 2021. The seller’s market continues. Prices continue to be $100,000+ over tax assessed value on many listings and you will still experience a bidding war offering over asking price. Charts demonstrate the changes in the market, so be sure to click play!
BUYER TIP: Buyers, consider talking to your lender about appraisal “gap” strategy. This would be an approach to cover the difference if the appraisal comes in low. To remain competitive in a market where you go up against multiple offers, appraisal “gap” strategies can help your offer win.
In general summary:
- New Listings are UP 12.9%.
- New Pending UP 45.7% (April 2021) vs 0.0% (May 2021)
- Closed sales are UP 32.9%
- Average Median Sold $315,000
- Average Days on Market 15
*If you would like a copy of this report emailed to you, please send request to email@example.com.
Resource: May 2021 Market Stats by ShowingTime
Bright MLS: Statistics calculated June 2021
Jennifer Avery, REALTOR® “Your Happy Home Expert!”
BPOR, SRS, CNE, E-Pro Certified | Licensed in VA
firstname.lastname@example.org | 540-683-0790
CRUM REALTY, INC| 318 S Loudoun St, Winchester VA 22601 | 540-662-0400
5 small gestures that will make you a good neighbor
To truly feel at home in your community, getting along with your neighbors is a must. Here are five simple things you can do that will help you make a good impression.
1. Be courteous. Greet your neighbors when you pass them on the street or at the park, and take the time to ask them how they’re doing.
2. Offer your help. Whether you shovel an elderly neighbor’s driveway or collect parcels left on someone’s doorstep while they’re away, lending a hand will certainly be appreciated.
3. Be mindful of noise. Mow your lawn and do other noisy tasks at a reasonable hour. Also, don’t let your dog bark unnecessarily, and keep music at a moderate volume at all times. If you’re planning a party or a major renovation, let your neighbors know.
4. Keep your yard clean. Don’t leave old tires and other trash lying around your yard. In addition, be sure to maintain your lawn and garden, so they don’t become overgrown.
5. Respect property boundaries. Take steps to ensure you don’t encroach on your neighbors’ property. This means being careful about where you place hedges, fences, and trees as well as making sure your pets stay in your own yard.
Finally, if you’re new to the neighborhood, or if others have recently moved in nearby, don’t hesitate to introduce yourself. This way you can start the relationship on the right foot.
Virginia’s housing market a leader in economic recovery following COVID-19
Virginia’s booming real estate industry has been a leading contributor to the commonwealth’s economic recovery following the recession triggered by COVID-19.
According to Virginia’s Secretary of Finance, the Commonwealth of Virginia is expecting a half-billion budget surplus by the end of June. The state’s economy has far outpaced expectations during the COVID-19 pandemic and recession, and a major reason has been the strength of the residential real estate market. The housing market boom has contributed to a 40% surge in state revenues in taxes paid on deeds and other court filings.
“Strong homes sales activity in Virginia has been fueled by steady growth in higher-wage professional jobs and historically low mortgage rates,” according to Lisa Sturtevant, PhD, Virginia REALTORS® Chief Economist. “The strength of the residential real estate market has been essential to the resiliency of the state’s economy.”
Virginia REALTORS® worked closely with lawmakers to ensure the industry would remain open in the commonwealth. “Our association has worked with the Governor’s office, legislators, and regulatory agencies throughout the pandemic to ensure our members could stay in business. These efforts have been instrumental in making sure Virginia’s sales and rental markets did not stagnate or atrophy but were able to remain healthy and contribute significantly to Virginia’s economic recovery,” says Virginia REALTORS® CEO Terrie Suit.
“Over the past 16 months, while other states shuttered real estate through severe restrictions, our 36,000 members responded by pivoting our business practices, models, and client interactions, adhering to the strict guidelines of the CDC. By adopting new technologies and procedures, the REALTORS® of Virginia continue to help lead the way through the economic recovery,” says Virginia REALTORS® 2021 President Beth Dalton.
Discover what your new neighborhood has to offer
If you recently moved or getting ready to move, it’s a good idea to explore your new neighborhood as soon as possible. In addition to familiarizing yourself with the street names, you should look for anything that might be useful or interesting. As you walk around, keep an eye out for:
• Essential and convenient services like police and fire stations, grocery stores, bus stops, pharmacies, health care facilities, hair salons, clothing boutiques, markets, gas stations, and more.
• Places to visit such as museums, art galleries, beaches, parks, theaters, restaurants, coffee shops, microbreweries, bowling alleys, and other fun venues.
• Recreational opportunities offered by music schools, theater groups, educational training centers, soccer clubs, libraries, swimming pools, bicycle networks, and other organizations.
Feel free to take notes as you explore. You should also consider greeting your neighbors and asking them what places are a must-see in the area. Enjoy!
Learn more online
Visit your municipality’s website to get the waste collection schedule, find out what community services are available, and learn about upcoming local events.
How to prepare your home for a photo shoot
Since most prospective homebuyers start their search online, it’s vital that your property is listed with beautiful, high-quality images. In addition to hiring a professional who specializes in real estate photography, here’s what you can do to make sure your home looks its best.
Remove cars, garbage cans, bikes, and other items from the driveway. Use the garage for storage as needed. You should also mow the lawn and freshen up the landscaping.
Clear the countertops of all clutter including knife blocks, soap dispensers, and paper towel holders. Leave out no more than one small appliance. Hide the garbage can in a closet and take everything off the fridge.
Close the toilet seat cover, put out fresh towels, and remove mats to show off the floor. Install a neutral shower curtain. Clear the countertop, bathtub, and shower of all personal items including soap, toothbrushes, and shampoo bottles.
Clear all surfaces of everything but decorative pieces. Hide or replace personal photos with landscape shots. Wash windows and open the blinds and curtains. Check for burned-out bulbs, and make sure all your lighting is the same temperature.
Make the beds and neatly arrange throw pillows or blankets. Remove all clutter from the nightstands and dressers. If you have walk-in closets you want to feature, make sure they’re presentable.
Vacuum the pool, clean the barbecue, and neatly arrange the patio furniture. Trim shrubs, rake leaves, and consider adding fresh flowers to your garden. Make sure all toys and tools are out of sight.
By following these tips, your photos are sure to make a good first impression. If you want to maximize your home’s appeal to potential buyers, consider having it staged by a professional before the photoshoot.
A note for pet owners
Make arrangements, so your pets aren’t around during the shoot. This will make it easier for the photographer to work. Store bedding, toys, and other supplies out of view. Pick up droppings in the backyard as needed.
5 hidden costs of selling a home
If you want to put your home on the market, it’s important to note that you won’t pocket every dollar from the sale. Here are some of the costs associated with selling a home.
1. Realtor and legal fees
As the seller, you’ll need to pay the commission due to both the buyer’s agent and your own. Plus, you’ll need to hire a real estate attorney to oversee the transaction and handle the paperwork.
2. Repairs and upgrades
Do you need to replace a leaky roof following an inspection? Or maybe you want to boost your home’s appearance with fresh paint and landscaping? These projects can cost anywhere from a few hundred to several thousand dollars.
3. Home staging
A home will often sell faster and at a higher price if it’s been staged. You should also consider having your home professionally cleaned before an open house.
4. Loan payoff costs
If you have a mortgage on your current home, you’ll likely be charged a prepayment penalty for paying it off before the end of your term. You’ll also have to repay your home equity line of credit when you sell your property.
Unless you’ve prepaid your property tax for the year, you’ll be responsible for the portion that applies prior to the closing date. If the property isn’t your primary residence, you’ll also have to pay a capital gains tax on any profit from the sale.
Keep in mind that while the cost of working with realtors, stagers, and other professionals can quickly add up, their expertise will ensure the process goes smoothly and that you get top dollar for your home.