Principal Broker Betsy Ferguson gives us an idea of what to expect this year…
Discussions with Sellers
I've been noticing a lot more “as is” listings lately. As a savvy local investor in our market it saddens me to see sellers leave money on the table. Listing “as is” isn't something I advise.
I was talking to a seller client and we were discussing the things I suggested they do before going to market. They asked if they had to fix them (they do) because some buyers like fixer-uppers. So many of today's buyers simply don't have tools, the skill sets, the means, nor the inclination to fix things. Think about that when you're getting your home ready for the market — the people who you might have thought would fix up those things you don't want to do? There are fewer of them than you might expect.
2023 continued the 15-year-plus trend of too little inventory and more buyers than sellers. Market dynamics seen before (supply and demand), and dynamics unseen (skyrocketing rates and increasing rather than decreasing sales prices).
Short take for 2024: We are going to see more listings (sellers finally ready to sell), buyers ready to buy (same, and rates in the sixes is much better than the sevens or eights), and we are going to see a continued competitive market. What should you do? If you're having this conversation, I'd love to be a part of it. 434-941-8699
Example in Lynchburg + Surrounding Counties:
in the first 24 days of 2022 there were 210 new listings in the MLS
in the first 24 days of 2023, there were 217 new listings
in the first 24 days of 2024, there have been 267 new listings. Is this a trend, a sign of what 2024 will be, or nothing meaningful at all? We'll see.
The "normal" Lynchburg real estate market is the market we are in right now.
