Recently Long & Foster Realtors held a regional sales meeting here in Southwest Virginia. Alexander Boone of Boone and Company spoke to the attendees. Mr. Boone brought several important issues concerning the Roanoke market to light is his presentation.
The first was the average sales price for Roanoke, VA. in 2006 was $209,000 while the national average was $221,000. Fast forward to 2009 and the national average has dropped to $173,000 while Roanoke is now $188,000, meaning that Roanoke now exceeds the national average.
There is opportunity in the real estate market right now. The current market offers excellent affordability, low interest rates, and free tax credits for buyers and sellers from the federal government. The government has kept interest rates low but that program expires at the end of March, as well as the tax credit program requiring buyers to be under contract by April 30th.
March 1st is the 2 minute warning if you are planning to sell or purchase a home in 2010. A recent market segment profile of the 24018 area code showed that 20 houses sold in the $100,000-125,000 range with an average of 104 days on market. 47 houses in the $125,001-$150,000 range sold in an average of 87 days and the last segment of study the $150,001-$175,000 showed 68 sold with an average of 73 days on market. With an average of 87 days to sell a house in these typical first time buyer price ranges and 97 days between today and April 30th the urgency to get a home listed by a Realtor is obvious.