The National Association of REALTORS® (NAR) report reveals that existing-home sales in November surged to an 11-year high. If you’ve been waiting to get into the Virginia real estate market, now would be a good time to get started, as the report shows that inventory also dropped.
“Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end,” says Lawrence Yun, chief economist at NAR. “As evidenced by a subdued level of first-time buyers and increased share of cash buyers, move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity last month. The odds of closing on a home are much better at the upper end of the market, where inventory conditions continue to be markedly better.”
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