The biggest factor right now in the market is the lack of inventory. There are a lot of frustrated buyers looking for homes. While the median sales price is lower than at this time last year, lenders have reported to me that they are seeing more houses not appraise at the agreed upon sales price. The median sales price being lower could be explained by less higher end properties being sold due to lack of inventory. While appraisals coming in low can be explained by the amount of demand for housing and the lack of inventory.
If you are thinking of selling your house, now would be a great time to list. Call me at 540-246-9067
- There were 31% less homes for sale in February 2017 than there were in February 2016.