Home sales are booming in the Roanoke Valley

Local News

SALEM, Va. (WFXR) — Homes have been flying off the virtual shelves of real estate websites. This has come as a surprise to the real estate business, particularly because we’re in the midst of a pandemic.

“We’ve never really seen anything like this before. Real estate agents, brokers, even the mortgage industry is seeing an influx in the market like we’ve never had before,” said Veronica Perkins with Divine Fog Realty.

Perkins says a high number of home buyers are taking advantage of the low-interest rates on loans, and that makes the perfect recipe for sellers, even during a pandemic.

“That’s kind of what makes the real estate market crazy is that sellers can get more for their home now in this market than they probably have in a very long time,” said Perkins.

It’s even come to the point where homeowners not even looking to sell at first have become interested in what they could make by deciding to sell. Perkins used the following example as an explanation.

“They’ve owned their house, free and clear, for the last 60 years, but it’s very enticing and it’s very tempting when you know you can get a certain price point from your house that you never would’ve imagined,” she said.

Perkins says this time last year, a home listing would sell, on average, in around four-and-a-half months. However, it’s now half that. The home Perkins walked through with WFXR News has been on the market right at that point, around two months.

Perkins says many homes sell within hours of being put up on the market, and she even has her own experience to prove a home can sell even faster than that.

“We had the neighbor walk across the street and ask if we were listing the house. The answer was ‘Yes. It’s about to go on the market.’ She wanted to buy the house before it even hit the market.”

Eventually, Perkins knows the market will shift past this, but says it’ll be some time before that happens. She anticipates there won’t be a shift to the market until the late fall.

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