Even though a large number of properties are currently on the market, existing home sales were strong in February. This comes from a recently released report on the number of real estate transactions that have taken place during the past few months. It may be uplifting news for those in Virginia who are planning to buy or sell residential real estate this spring.
According to the recent report, the number of home closings dipped during the months of December and January. However, more than 5.5 million existing homes — houses that were previously lived in — ended up being sold during the month of February. This represents an increase of three percent from January as well as a 1.1 percent boost from last February.
Home sales are especially robust in the southern and western parts of the United States at the moment. This is partly because builders are erecting more new homes in these areas. Although inventory remains low in these regions, new construction has produced opportunities for homeowners to finally trade up, so turnover has become faster than it has been in recent years.
Purchasing residential real estate can naturally be a monumental experience whether it is a person’s first time or fifth time. After all, real estate is a major investment, oftentimes an individual’s most valuable investment. In addition, people naturally become emotionally tied to their homes, the places where they raise their families and experience life’s most noteworthy moments. However, real estate transactions can be confusing and even overwhelming depending on the circumstances surrounding them. A qualified attorney in Virginia can provide the guidance needed to navigate these types of transactions successfully.
Source: realtor.com, “Existing-Home Sales Pick Up Before the Spring Buying Frenzy“, Clare Trapasso, March 21, 2018