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Everything Rappahannock Real Estate
Everybody is asking "What's up with Real Estate?" People are hearing the news that NOW is the time to BUY and that investors are grabbing up the best deals in many, many years. Everyone always likes to see hard facts and numbers so I will happily comply. I will try NOT to overload you though.
CURRENTLY there are 62 Residential properties for sale in all of Rappahannock. Prices range from $179,900 to $11,900,000. 4 properties are under contract. Of these 4, the average list price is $438,450 and it took on Avg 134 days to sell. The list prices HAD already been reduced 3.65%. (This does not count properties that were -re-listed at a lower price from the start - usually by switching agents.)
The AVERAGE current price is $945,318, and the average time on the market is 189 days. Here is the kicker - the AVERAGE list price has been reduced from where it started by a staggering 37.76%! This is likely due to the fact that 12 of these 66 properties are over $899,900!
In the last 4 months since Oct 1 - 14 residential properties have SOLD county wide. The AVERAGE SOLD price IS $507,179. Of those that have recently sold their asking prices were reduced by 4.99% at the time of contract. They took on AVG 172 days to sell.
Last year in the same 4 months - 21 residential properties had SOLD county wide. The AVERAGE SOLD price was $646,738. Of those that sold THEN their asking prices were reduced by 4% from where they started. It took an AVG 105 days to sell.
In conclusion and looking at the numbers for these 2 periods 1 year apart, the average SOLD prices are down $139,500! Considering how many high end properties are around here this number is not surprising. It is taking about 2 months longer to sell a property. Coupled with the fact that Jumbo Loans are more affordable than ever - this data is not all bad news. Plus low to medium end housing mortgage otions are better than ever, using VA, FHA, USDA and conventional loans that have encouraging interest rates - NOW is a great TIME TO BUY. Not a bad time to sell especially if you have owned your property for more than 5 years and have not recently mortgaged it tapping out your equity.
I am in the biz of making dreams come true. The above data is compiled using our private MRIS MLS system. This is one of my first blogs for Culpeper Times so if you have any questions or suggestions for future blogs e-mail me at myREALTORrichie@mris.com or call me 703-401-7980. JBR Inc. I am a licensed Realtor.
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