Tuesday, July 2, 2019

Lake Ridge housing market....What's going on?

If you’re wondering what our Lake Ridge market has been up to lately, we have a few year-over-year stats from last May that will give you the full scoop.

Starting at 0:25 in the video above, you can see the numbers for yourself as we look over our monthly market report.

The first stat to know is the average sold price, which rose by just 0.71%. The year before, it rose by nearly 4% compared to 2017. Lake Ridge isn’t a place where you’ll see wide variations in the market, which makes it a safe place for investors and regular homebuyers.

The second is the number of units sold, which dropped by 17%. This means we’re seeing activity lessen. If you’re thinking of selling, you need to be aware of how you price your home, what other homes are on the market, and what kind of activity they’re seeing. This 17% drop in units sold is mirrored by another 17% drop that occurred in terms of the total dollar volume of sales, which includes both detached homes and condos and townhomes.

In short, we predicted the market would slow down, and it has.

Another interesting thing to note is the type of financing that’s being used by homebuyers. During the month of May, of the nearly 100 total home sales, 50 of the buyers used a conventional loan, which is more than the total number of FHA (18) and VA (20) loans combined. When I first started my real estate career here 17 years ago, far more buyers were using FHA and VA loans. Essentially, this means buyers are a lot more qualified and have a lot more cash to put into their homes.

Whether you’re buying or selling, these are the numbers you need to be aware of if you want to put yourself in a position to get the best deal possible. If you have any questions about our market or you’d like to get started with the home buying or home selling process, don’t hesitate to reach out to us.

Remember: You have the dream—we have the address.

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