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2024 Mid-year Williamsburg Real Estate Market Update
Housing Market
Single family homes are still in very short supply in the Williamsburg market. Sound familiar? I know I sound like a broken record when I talk about number of homes for sale in the local real estate market over the past 18 months, but little has changed. In the Williamsburg area real estate market, there is a 45-day supply (approximately 125 single family homes in all price ranges) for sale. In a balanced market, that number would be between 450-550 this time of year. As a point of reference, in the summer of 2020 we had over 125 homes for sale in Fords Colony alone. The lack of inventory continues to drive prices upward. Take a look at the graph below to see the impact inventory has had on home sales prices. The bottom line is that we have had to learn how to do business in today’s market and adjust our approach to buying or selling a home accordingly.
Interest Rates
The long and short of it is that interest rates will most likely remain close to where they are for a while. We simply need to learn adjust expectations accordingly. For some, that may mean it takes a little longer to purchase the home they want, for others it may mean that they choose to renovate and stay in their current home. If want to know more about mortgage options available, give me a call. I have some great local lenders I can put you in touch with.
Home Renovations
There are MANY home improvement shows you can watch highlighting the latest trends and things you “must do”. Likewise, there are many people that believe they must update and invest in their home prior to getting it ready to sell. So, where do you spend your hard-earned dollars? According to the National Association of Realtors 2024 Remodeling Report only five things return all your money: Hardwood floor refinishing (147%); installing new wood flooring (118%); new roof (100%); new garage door (100%) and insulation upgrades (100%). Doing the remaining items – IF you are selling – means you aren’t necessarily recovering the cost of the renovation project.
When you think about it – are you willing to invest $50,000 in a kitchen upgrade to get a higher list price of $33,500 (67%)? Look, it is a great return – but in the way I think of things you’ve lost $16,500 if you are selling. Staying in your home? The list of updates below makes sense. Doing it because you are selling? Maybe not.
I admit, it is not an easy decision. Today’s buyer is paying a price premium for any home and expects a move-in ready updated home. The best thing to do is have a price comparison done (before and after estimated improvements) including estimated time on the market and chance of multiple offers. I can help with this if it’s something you are considering.
Honestly – it’s the simple, free things that can have the greatest impact if you are getting your home ready to sell. First, start boxing up everything you possibly can and move it to the garage or storage. You want your home to seem a large as possible and you want the buyer to be able to picture how they would live there. Second, make sure your home is spotless. You, or a company you hire, should do a deep cleaning. Third, touch up any problem areas such as paint, wood rot, deck repairs, shrub/tree pruning, mulch, etc. And finally, have a locally owned termite/moisture company inspect your crawl space for moisture levels and termites. It is pretty simple, really!
If you have specific questions regarding your home’s value or are looking to move in the future, please give me a call so we can discuss your goals and the market conditions.
Ted Evans, Associate Broker Coldwell Banker Traditions (757) 254-6678
