The Northern Virginia Daily
Homes - Valley Real Estate Guide - April 2019
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The Northern Virginia Daily
Homes - Valley Real Estate Guide - April 2019
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Area realtors, builders entering peak season
Photo courtesy of Jason Seal of Valley Contracting Group
Jason Seal, owner of Valley Contracting Group, said no two homes are the same. This is a full view of the careful work put into each home.
By Max Thornberry The Northern Virginia Daily STRASBURG - As the leaves on trees and petals on flowers begin to open, so does the real estate market up and down the Shenandoah Valley. Spring and summer serve as the peak seasons for the real estate market, said Abby Walters, a realtor with Sager Realty. “Our rental market is hot,” Walters said. “You put a rental on, it gets a lot of showings. It gets a lot of applicants because there aren’t a lot out there.” Low inventory for rental homes has
created a nice market for those looking to put their property on the marketplace, Walters said. In Warren County, Kelly Martin, with ERA Brown and Rutherford, said the six-month rental market - October through March - has seen the number of rentals go down compared to the same period as last year (45 units to 34 units rented) though the prices have ticked up slightly on the low end (from $400 to $550.)
more listings do come on in the Spring and Summer selling seasons, but we have not had an onslaught of listings during those times more like a trickle.” Rentals, Walters said, are something she and other realtors tend to steer clients away from. Over time, she said, if they are looking to save enough money for first and last month’s rent on a $1,300 a month home, they are likely able to afford a mortgage that comes in around $1,200 a month.
The most popular homes, according to Walters and Martin, are three-bedroom, two-bath, single-family homes. In Shenandoah County, sales have been strong, according to Walters and her Sager Real Estate figures. Sales in February 2019 ranged from $50,000 to $599,000, with most buyers settling in the $150,000 to $200,000 range. Sales increased a little more than 30 percent compared to last year, from 33 units in February 2018 to 43 in February 2019.
“If people’s income and credit are good ERA Brown and Rutherford’s Warren “Supply is down, and has been down for the past two years,” Martin wrote in enough to buy, they are trying to buy,” County sales are up. According to Walters said. an email. “General rule of thumb is SEE PEAK SEASON, PAGE 6
The Northern Virginia Daily
Homes - Valley Real Estate Guide - April 2019
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The Northern Virginia Daily
Homes - Valley Real Estate Guide - April 2019
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The Northern Virginia Daily
Homes - Valley Real Estate Guide - April 2019
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Peak Season Continued from 3
Martin, they have sold 262 homes over a six-month period compared to 266 homes over the same period last year. Sager’s Warren County sales went down in February 2019 compared to 2018, with 28 sales compared to last year’s 45. Walters said she couldn’t put her finger on why Warren County’s numbers dipped this year. She said their figures were normally steady due to its location off of Interstate 66.
side of the coin, and I think that might be holding some people back.” Martin pointed to steady sales over the six-month period to say the market is stable and predictable, though with the busy season coming, it will be a time to gauge the market more appropriately.
Randy Seal works on the foundation of a custom home.
Walters brushed off doom and gloom about a looming recession, saying the market doesn’t feel the same as it did between 2005 and 2007 when the real estate market grew unwieldy.
Photo courtesy of Jason Seal of the Valley Contracting Group
During that time, she said, the low inventory drove prices up, well past what properties were worth. She said she would see bidders on a $215,000 property offer $225,000 to make sure they Weak rental numbers and low invengot it. Appraisals would come back tory are caused, in part, Walters said, by showing the property worth that inthe relatively strong and stable market. flated price, she said. “The only problem we’re having is we “Somehow those homes were appraishave low inventory on the resale side of ing [higher than their value] and that’s things, too, because the sellers are when the prices got inflated,” she said knowing if they sell the house, yeah, about the market before the recession. they’ll get good money,” Walters ex“I’ve been experiencing appraisals plained. “They’ll sell quickly. But what coming low the past couple weeks. So are they going to buy to move into SEE PEAK SEASON, PAGE 10 when its low inventory? That’s the flip
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The Northern Virginia Daily
Homes - Valley Real Estate Guide - April 2019
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The Northern Virginia Daily
Homes - Valley Real Estate Guide - April 2019
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Peak Season Continued from 3
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“It does seem like people are a little Valley Contracting Group more motivated the first quarter of this Barry Walker creating a bespoke year for some reason,” he said. “In Jan- cabinet arrangement. uary alone, I had over 10 inquiries tion, Seal acknowledged, is the most exabout people wanting to build a house.” pensive, but it often appeals to homeSeal said not all of his inquiries result owners who are moving to the area, in a new home, but he hasn’t really rather than making their first purchase. slowed down at all in recent months. “Most of my customers, [about] 70 perPotential buyers have three options when shopping for a home, Seal said. They can either take what’s available, buy something with renovations in mind, or build something from scratch. The third op-
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The Northern Virginia Daily
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