Rent Real EstateWinchester, Virginia Takes Aim At Escalating Seller"s Market
Winchester, Virginia, homesellers are benefiting from their close proximity to Washington, D.C., say local Realtors with a feverish seller"s market in progress.
"Winchester is just an hour and a half from Washington, D.C. and is nestled in the Shenandoah Valley amongst historic battlefields and the Blue ridge Mountains," says Realtor Angie Brewer Schrantz. "There aren"t a lot of homes in the $200,000 and below range, and therefore, homebuyers are sometimes migrating west to property located across the state line in West Virginia. Just a short distance can sometimes mean a difference of $30-$50,000. Current homeowners are selling homes after only a couple years and banking the equity. However, they are then almost forced to buy in West Virginia, either west or north in order to stay in their comfort zone.
Schrantz advises, "Have your pre-qualification letter ready and be prepared to put down a nice earnest deposit."
Says Realtor Roger Lamborne, "Northern Shenandoah Valley is where we have rolling valleys interspersed with rivers, mountain streams, woodland ridges and high mountains!"
About the market, he says, "We"re continuing to see "a feeding frenzy" as buyers rush to write offers on homes mostly under $325,000, with escalation clauses that are taking offers way above list price. Even higher-priced homes in the $450,000-490,000 range in new subdivisions like Raven Wing and Ravens Pointe are experiencing multiple offers. Some buyers are forgoing basic contingency protections like appraisals, surveys, home inspections and radon tests in order to outbid other offers. Buyers need to think about the consequences of not getting a home inspection.
"Rapidly rising home prices continue to dominate the news about the Winchester Virginia and Shenandoah Valley housing markets," Lamborne continues. "The area has now been discovered by several national home builders. We have easy commutes to Washington D.C., Northern Virginia and Dulles Airport areas, combined with lower taxes, top-notch medical facilities, plenty of shopping opportunities, clean air, wide open spaces, and spectacular scenery. It all contributes to the high-quality lifestyle sought by so many."
"Winchester combines old and new with its vigorous building and expansion, while maintaining and preserving its old historical roots," says Realtor Chip Steinmetz. "With only 50 homes on the market, Winchester remains a sellers market. This is a six percent drop in inventory in a seller-oriented market. The average sales price jumped significantly this month reflecting the significant appreciation rates experienced locally. Yet Winchester remains a town filled with opportunity for investors and new home buyers alike. Many historical or older structures are in need of renovation and upgrading making Winchester an opportunity for investors. In addition, Winchester continues to offer new homes in a number of locations throughout the city. Bargains are still available in Winchester."
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