Home sales increase 18% in November; prices up 12% year-over-year

Submitted by Andrew Kantor on December 28, 2012 - 1:49pm 

The November 2012 Virginia Home Sales Report has been released and the pace of sales increased sharply (+18%) accompanied by a 12% increase in the median sales price in the Commonwealth.

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Magnolia Green ranks highest in 2012 for building permits.  Magnolia Green located on Hull Street Road and Otterdale Road. This neighborhood permitted to build 87 homes in 2012 and is expected to permit to build even more in 2013

Amenities, storm drains and neighborhood improvements led to the dramatic increase in home sales in this neighborhood.  Over 3500 homes planned for this golf course community.  Several builders are offering homes in this neighborhood and attribute the Most Sold in Chesterfield title to Magnolia Green in 2012 to the new management company IStar Financial which has turned Magnolia Green around with improvements to the community. Many builders are in this community and I would love to show you what they build and discuss your options. Contact me to learn more.  Prices are from 220’s to 300’s range.

Source:  Chesterfield Observer Dec 26, 2012 Michael Buttner

Buyers have many choices on a home and will consider the following factors when determining if the home you are offering is the right home for them.

1. Will my Favorite piece of furniture fit here?  Correct dimensions available to buyers, de cluttered home, and large furniture removed all are good ideas to consider when staging your home to SELL.  Overcome the feeling of “there’s not enough room” that buyers may have.
2. “What will we do with this space?”...Don’t leave odd shaped rooms or nooks left unstaged.  Show that all square footage in your property is usable and the odd shapes and nooks not only add character to the property but also give you unusual and creative spaces.
3. “What were the Sellers thinking with these walls?”  Don’t distract buyers with over creative wall finishes such as sponging, bright colors or wall paper.  Neutral and warm are inviting to potential buyers and give them the feeling that this could be their home.
4. “What’s in the area?” You and your Realtor should come up with a list of nearby attractions such as schools, entertainments, churches etc...So that the buyers needs are met with a glance.  Do not leave it up to a potential buyer to investigate the area; they may not have the time.
5. “How much will my mortgage payment be?”  It is important to work with an agent who is partnered with a strong lender.  As a team they will develop a price scenario sheet for your property.  This relieves the potential buyer’s fear of a payment they cannot afford.

All of these questions and more do go through a potential buyers mind while shopping for homes.   The more prepared you are the better chances you will have to sell your home quickly and at the price you desire

Source:  Trulia 1/25/2013

Builder confidence is at its highest point since 2006!  For 8 straight months the market has risen.  

Many factors contribute to this trend such as low interest rates, a shrinking inventory of distressed properties (Short Sales and Foreclosures).  Serious buyers are out in numbers that haven’t been seen since April 2006.

What could this mean for you?  The basic principal of economics is supply and demand.  As sales increase and inventory shrinks contractors (roofers, framers, plumbers etc) will require higher prices as well as manufacturers of building supplies.  The increase will then be passed on to buyers.  Low interest rates are expected to remain through 2013 however the increase in sales price could affect your payment.

Mortgage lenders still have tight lending practices.  It is important to speak with a qualified Real Estate Consultant to insure you are aware of current market trends and lenders who offer construction loans.

Source:  Los Angeles Times MONEY & Co

http://www.latimes.com/business/money/la-fi-mo-builder-confidence-20121218,0,725691.story