For residents of Warren, Frederick and Shenandoah Counties, the final six months of 2017 is the time to sell a house. Inventory is low, buyer interest is high and prices are on the rise because of each.
Beth Waller, principal broker and owner of Team Waller Real Estate in Front Royal, explains the local market situation:
“As of today, 6/16/17, there are only 296 active homes on the market in Warren (60 are new constructions) and 138 under contract,” Waller stated in an email. “We definitely have a shortage of properties for buyers to choose from, which is causing prices to rise based largely on supply and demand factors. For example, there are only a total of 27 homes listed in Warren 200k or less with 3+ bedrooms and 2+ baths. Additionally, there are merely 52 between 200-250k with the same criteria. This is prompting bidding wars on many properties. I’m seeing competitive buyers waive home inspections and closing cost assistance requests.”
Donna Foster, realtor at Skyline Real Estate, echoed Waller’s assertion about inventory, saying that people who want to buy need to do it quick.
“There are a lot of buyers out there who are anxious to buy,” Foster said. “The properties that are priced right go very quickly, some within one day.”
But while inventory is down, statistics have shown that homes have been selling so this year in Warren and Shenandoah counties. Waller said there have been 299 units sold in Warren County, as opposed to 263 sold at this time last year. In Shenandoah County, 61 units were sold in May, up 13 percent from May 2016.
Diana Crisman, realtor at Holler Realty, said that, so far, 2017 has been a fantastic year for her and also tells why she thinks that will continue.
“I think it’s going to be really good,” Crisman said. “I’ve been in it 10 years and this year has been my best year. Just since January, I’ve already done $4 million, which is a lot for me. People are optimistic about the economy.”
Things are a little different in Frederick County. Much like Warren and Shenandoah county, inventory is low, but buyers in Frederick aren’t biting at the rising prices, said Ed Chapman, owner of Ask 4 Team Ed in Winchester.
“Inventory is a challenge,” Chapman said. “The buyers are out there, they’re just not willing to spend where the market is going right now. It’s a challenging market that wants to grow, it’s just trying to find the right price points.”
Statistics back up Chapman’s explanation, showing that in May 2017, there were 141 units sold in Frederick County, down 3 percent from 2016.