The Roanoker - May/June 2021 - 129
What's Your Home
Worth?
written by Christy Rippel & photographed by Bob Sowder
Lack of inventory, sellers market means strong offers for well-priced homes.
W
hen COVID-19 hit Roanoke last March
and businesses and schools shut down, real
estate agents in the area weren't sure what
to expect.
" I thought everything would grind to a halt, " says
Scott Avis, one of Roanoke's top producers in real
estate. While there was a brief lull, it quickly picked
back up. So why have people been so keen to move in
the middle of a pandemic?
" I think it's a combination of interest rates remaining
so low, and people being stuck at home and looking
around and assessing their needs, " Avis says.
Tom Stover, an agent who has been a trusted name
in Roanoke real estate for more than 50 years, echoed
Avis' assessment.
" People don't usually buy houses in December unless
they need to, that has always been the way it goes. But
last December the phone was ringing, because COVID
gave people the time to dream a little, and the interest
rates are so unbelievably low, many people were
able to afford that dream, " notes Stover.
The phones have continued to ring for
the area's top agents, but the real estate
market data tells an interesting story.
TheRoanoker.com
In March 2021, the median list price per square foot for
homes in Roanoke was $130.85. In March 2020, when
the pandemic hit, the median list price was $112.12 per
square foot. So, a 2,000-square-foot house would have
listed for $224,240 a year ago, but would be listed at
$261,700 now, meaning that the seller would be looking
for an additional $37,500 for their home.
While prices have been climbing, the number of
available properties has been trending downward for
the past year, meaning that buyers have less to choose
from, and there can be stiff competition for desirable
listings, often with multiple competing offers. That lack
of inventory has created a strong sellers market, and has
disappointed buyers who are ready to commit, but either
can't find the perfect home, or lose out in a bidding war.
" It's a frustrating real estate market in that the
inventory is so low, " said Avis. " It's not that easy to find
your buyers exactly what they are looking for, because
there's just not a lot out there. "
If you've been thinking of putting your house on
the market, there has never been a better time. Here's
a look at a few of the hottest neighborhoods in the
Roanoke area, and what's driving buyers to these zip
codes.
MAY/JUNE 2021 129
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The Roanoker - May/June 2021
Table of Contents for the Digital Edition of The Roanoker - May/June 2021
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