Talking Real Estate Market With WSLS

Recently here, WSLS’ Jenna Zibton interviewed a client of mine, and myself, regarding the market here in the New River Valley. We’d just put out the 2Q 2013 Nest Report, and she wanted to know why things seemed to be moving again.

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Truthfully, I don’t know think it has something to do with buyers (and sellers) who’ve been on the sideline and are finally jumping into the market. Other sectors of our economy are doing better, and housing seems to be following that trend. It’s not a perfect situation, to be sure, but certainly better than where it was.

My thanks to Korine for her participation, her husband Sean (who’s an excellent photographer, by the way) for hurrying to get the lawn mowed, and Jenna Zibton for inquiring about our Nest Reports.

Transcript:

“Korine Kolivras is unpacking from a recent move.

‘Our kids are getting a little bit older and we wanted more space for them,’ said Korine Kolivras, who is currently unpacking for a recent move.

This is their third home in Blacksburg in nine years. The old house will be on the market in Kelowna Real Estate Listings soon.

‘There’s no way of knowing what’s going to happen but it does seem like houses aren’t on the market as long as they were a few years ago so we’re feeling positive about it,’ said Kolivras.

‘There’s been a significant change in both buyer and seller interest in real estate here the last 18 months,’ said Jeremy Hart, a Nest Realty Agent.

In the NRV region, second quarter sales are the highest they’ve been since 2008. So far this year sales numbers are up more than 8-percent over last year with 781 homes sold.

Hart says in the first six months of the year, 21% of homes were put under contract less than 14 days after being put on the market.

‘A lot of it has been pent-up buyer demand people who have been watching what’s been happening in other sectors of the economy and now feeling good about making a decision to buy or sell here in the area,’ said Hart.

He says having Virginia Tech and Radford University helps. The area never saw an extreme slump.

‘That’s due in large part to we’ve had pretty conservative financing over the past several years we haven’t seen a lot of risky loans,’ said Hart.

Average NRV sales prices are up too. Numbers provided by Hart are for the first and second quarters of each year.

2008 – $188,763

2009 – $176,456

2010 – $169,866

2011 – $170,399

2012 – $177,444

‘We’re cautiously optimistic that will see this continue for the foreseeable future,’ said Hart.

Good news for this Blacksburg family trying to sell.”

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