The Roanoke Valley real estate market continued its strong charge in October. Inventory was slightly down, but the number of active listings was still high at nearly 3,000.
Seeing a decline in inventory is normal this time of year. Some sellers will take their homes off the market for the holidays. Others decide to wait until the first of the year to list.
We saw days on market continue to inch downward to an average of 123 days, or just more than four months. The sales price to list price ratio continues to track right around 96 percent.
Advice for buyers: Get your pre-approval ready to go and start looking if you haven’t already, because this is a great time to buy a house. Sellers are motivated right now. Some need to sell now for job- or tax-related reasons. Others just want to get it done before the holidays.
It’s also a good time to be going through the homebuying process. Mortgage lenders and title companies tend to be a little less busy as winter approaches. There’s a lot of chatter about interest rates right now, too. While we’ve seen some increases over the past few weeks, rates are still very good. You haven’t missed your chance to lock in a low rate.
Advice for sellers: If your home is ready to go on the market, do it. Don’t wait till after the first of the year. You’ve got a little less competition right now, and buyers who continue to look during the holiday season are typically serious about buying now. Also, as buyers see interest rates begin to creep up, many will buckle down and buy so they can take advantage of still-low rates.
Contact me to talk about how we can make the Roanoke Valley housing market work for you. You can reach me at (540) 354-6323 or firstname.lastname@example.org. You can also check out my listings here and like my Facebook page.