Category: Market Updates

The 2013 Annual Nest Report

After lots and lots of reading, writing, and ‘rithmetic, the 2013 Annual Nest Report is out and finally available! The Nest Report is our look, quarterly and annually, at what’s happening in the New River Valley real estate market. No bull, just a look at the numbers … Some highlights: Median prices are up throughout the Metropolitan Statistical Area Days on Market are down Inventory levels are down Overall, positive trends throughout the New River Valley. The challenges we’ve faced have in most cases eased, although there are still pockets of the New River Valley that continue to lag behind. …

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How Many Buyers in the New River Valley Are Cash Buyers?

“Cash is king”, they say. And for the last few months, reports have been floating around that as many as 50% of buyers in some real estate markets around the country are using cash to purchase their homes. Fifty percent. The New River Valley of VA isn’t the rest of the country, but I wondered how many buyers in 2013 used cash to buy their real estate. Of the 1476 homes sold in the NRV January 1 through November 30, 21.4% (317) of those transactions were listed as all-cash sales. Not exactly 50%, but statistically significant, I’d say. And that …

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The 2012 New River Valley Real Estate Market

Breathe. We’re not calling the end of any real estate troubles here in the New River Valley, but we’re continuing to see the trends we want to see that indicate a healthier real estate market. Slow and steady has been the mantra for some time now, and we will continue that into 2013. But after a year of studying the numbers here in the NRV, we think real estate is poised to do some positive things. Consider that for the year, we saw a: 4.38% increase in median sales prices 19.10% decrease in year-end months of inventory (and down 38% from …

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The Nest Report Q3 2012

The Nest Report – your light reading as you nod off to sleep. In all seriousness, after doing two quarters of real estate market reports here in the New River Valley (see Q1, and Q2), we’re thrilled that so many of you ask “when’s the next quarter going to be available?”. It makes our bean counters happy to know that their work is so desired; they don’t get a lot of attention, you know. So what’s the report tell us? Some highlights: the number of sales increased between Q3 2011 and Q3 2012 by 3.4% inventory levels have dropped by as …

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A 3.8% Real Estate Tax Is Not In The Health Care Law

Please remember – there is no 3.8% real estate sales tax in the new health care law … ————- It’s been written here before. It’s simple, really – don’t make more than $200,000 (or $250,000 if you’re filing jointly). But since you shouldn’t be restricted to how much you make – and if you make that much, congratulations! – here’s the deal. Remember that little health care debate that raged in 2010? Part of that bill had a provision that applied a 3.8% tax on unearned income for high-income taxpayers and doctors at roids; that tax has been mistakingly labeled …

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The Nest Report Q2 2012

Here we are, more than six months into (through?) 2012, and it seems that the real estate market in the New River Valley has changed since last year at this time. That was certainly the case for the first quarter of 2012, and it looks to be the case for the second quarter, as well.  Once again, the bean counters in Nest HQ have done a fantastic job compiling all of these statistics. See the first quarter report here. Two quarters in, the summary seems to be that sales are up, inventory is down, and Blacksburg is again leading the …

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The Nest Report Is Out for 1Q 2012

Literally minutes ago, the 1Q 2012 Nest Report just fell into my grubby little hands.  I haven’t had the chance to dissect it yet, but will do that starting tonight. A couple of takeaways: Total sales (227) and total volume sold ($38.5 mil) both saw increases of 6.1%, and 7.1%, respectively, in the Blacksburg/Christiansburg/Radford MSA Months of inventory in the whole New River Valley fell 31% In the meantime, download the whole report here.  More to come on this – thanks to the bean counters back at Nest HQ for putting this together.

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Why You Should – And Shouldn’t – Buy A House

Not counting the posts I’ve written and saved as drafts and never actually posted (often times for very good reason), this is the 1000th post on this blog.  What started during Christmas 2006 as an experiment suggested by a friend has turned in to something that I count as crucial to my understanding of the market and how to best explain it – sometimes poorly, I’ll admit – to the people I work with. I’ve been thinking for quite a while about how to acknowledge the 1000th post … it seems like a milestone of some kind. Then Scott Rogers, …

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The Truth – Or Speculation – Concerning New River Valley Real Estate in 2011

I received an interesting email yesterday from someone “named” NKOR.  The subject line read “Hokies vs. Hoos – no rivalry in home prices?“.  With Rivalry Week upon us here in Blacksburg, and a little event this weekend that folks from both schools might be paying attention to, it certainly caught my attention. But first … Ouch. “From the housing peak to 2012, markets in Florida, Nevada and California will be down around 60 percent.” We’re certainly not without our share of scary real estate stories here in the New River Valley, but what’s it like to be selling a home in …

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What’s the List Price to Sale Price Ratio in the New River Valley

I was sifting through recently closed sales the other day and noticed a property that had sold for its list price.  While I certainly don’t have a problem paying full price for a good deal, when I looked a little more closely I noticed that the list price had been dropped to the sales price … on the same day that the closing took place.  Someone emailed me later that day and asked me what the typical home in the New River Valley sold for relative to it’s list price.  Well, if I used the example of the house mentioned …

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