We asked our team of experts the question that's on the minds of all buyers and sellers right now, and that is "How does the market look going from this spring into the summer?"
Cynthia Ilewicz | Associate Broker
"The market has been great for sellers but as the weather gets warmer we should be seeing more listings coming on the market with more opportunity for buyers. I think we will see this going into summer and fall."
Dwight Atkinson | Realtor
"I think the market trends will continue as we have seen in Q1 and Q2, including an extremely competitive and high paced market."
James Nolen | Associate Broker
"The strong seller's market has carried over from last year and continues. With properties selling in a matter of days it is competitive among buyers and being prepared is more important than ever. Number of units sold is up, but the supply of homes on the market is the lowest we have ever seen!"
Jeremy Hart | Principal Broker
"While we're seeing some signs nationwide pointing to an eventual re-balancing of the real estate market, we're expecting a similar pace of sales through the spring, and into the summer, of 2021. Buyers are likely going to continue to see competition through much of 2021."
Kelly Griffin | Realtor
"We are in the midst of an extreme seller's market, characterized by surging home prices and multiple offer situations on almost every new listing. There are a number of factors contributing to this, but the main ones I point to are the historically low interest rates that are driving buyer demand, coupled with incredibly low inventory across our area (and beyond). Additionally, new construction has slowed with the rising prices of lumber and labor."
Nancy Massey | Associate Broker
"Buyer demand will remain strong while interest rates remain historically low, and sellers will continue to see record prices. I expect the market will become a bit more balanced for buyers and sellers if interest rates continue to rise."
Peg Warren | Realtor
"With interest rates still historically low and lots of buyer demand, I expect the late Spring and Summer market to stay red-hot with most homes selling with multiple offers and over asking price. Along with Virginia Tech, I think our New River Valley region will continue to grow and I can't see the market cooling down anytime soon."
Whitney Beckett | Realtor
"Fast & Aggressive. Decisions are being made quickly, so buyers should be prepared before they start looking by being pre-approved and ready to submit a bold offer!"
The market over the past year has experienced historic low interest rates, increased buyer demand, but limited inventory. Our agents' experience and knowledge of the NRV market is the right combination to guide homebuyers and sellers throughout their real estate journey. Buying or selling is a big decision, and having full transparency plus a trusting relationship with your agent is paramount. At Nest Realty in the New River Valley, we're here to help you make one of the best and well-informed decisions of your life.
Even if you're not quite ready to make the move, but are thinking about this next step in your life, feel free to email (HappinessNRV@nestrealty.com) or call (540-443-6100) with any questions you have!