People always talk about the “Virginia Beach spring buying season” when they talk real estate. However, this year it appears as though the summer real estate market will be just as hot.
The most recent Foot Traffic Report released by the National Association of Realtors (NAR) revealed that there are more buyers out looking at homes right now in Virginia Beach than at any other time in the last two years including the past two springs (in orange below).
The Foot Traffic Report is compiled from data on the number of properties shown by Realtors. NAR further explains:
“Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.”
We can see that the number of prospective Hampton Roads purchasers out looking at homes has been greater each month this year compared to the same month in 2014. And, though foot traffic fell off last June as compared to May, this year it has increased nicely.