Should you sell your house now, or should you wait? It is, after all, a big step involving a long labor-intensive process, and then there’s the ordeal of the move on top of that. Still, there are plenty of signs that you should sell – low rates, low inventory, high demand, and rising prices, to name just a few. In fact, conditions may not be this favorable for sellers again for a long time. So let’s take a look at 5 reasons why Home Sold Brian Mason thinks you should sell your house in Northern Virginia.
1. Home Prices Are Still Rising
A great reason why you should sell your house in Northern Virginia, according to Home Sold Brian Mason and many other experts, is the simple and favorable fact that home prices are still rising. As mortgage rates fall (which we’ll get into below), home prices go up.
June 2021 saw average price gains nationwide of 23% in several metro areas, and prices increased 8.4% over the past year. Much of this has been driven by people moving away from urban areas and buying suburban homes. Because of the burgeoning remote working from home brought on by the pandemic, many jobs are now location-independent, so a lot of home buyers who are buying don’t have to buy near their jobs. But whatever the drivers, home prices are rising.
With prices rising, selling your house in Northern Virginia now is likely a smart move. This is especially true when you consider that these price increases are expected to decelerate to a near-normal growth rate. The upshot is that you don’t want to miss out on the opportunity to make more money at sale time by waiting.
2. Inventory Remains Well Below Demand
Another reason to sell your house
is that inventory remains well below demand – which means that, in most places, there exists a strong seller’s market. “[L]ack of inventory means your home will likely be in high demand, since there may be a scarcity of homes for sale in your market.”
About a year ago, housing inventory reached an all-time low of a 2.3-month supply (normal being a housing market that equalizes at a four- to five-month supply). Selling your home under these conditions means an easier sale and the prospect of a better price.
Be aware, though, that inventory levels vary from local market to local market. So be sure to contact a Northern Virginia agent at 202.858.1444 before taking the plunge.
3. Mortgage Rates Are Very Low
Further, according to Home Sold Brian Mason, mortgage rates are still near historic lows, which is another good reason to sell your house in Northern Virginia.
“According to real estate research firm Freddie Mac, the average 30-year mortgage rates hit an all-time low of 3.07% over the Fourth of July weekend, and those numbers continue to decline.”
As a result of these low rates, more people are more motivated to buy, and some people who weren’t even thinking of buying before are now considering it. There exists, then, the potential to sell much faster and at a higher list price because the low rates will offset the higher asking price.
4. Homes Are Selling Sight Unseen
In one recent survey, 22% of “agents said they sold a home sight unseen – meaning the buyer did not physically visit the home before purchasing it – since march. This is largely due to cautions about entering others’ homes during a pandemic.”
How this phenomenon can benefit you as a seller is that you may not have to make as many repairs or give up as much in concessions. If buyers are never actually on site before the sale, they really have no way to accurately assess your house. Just be sure to ask your Northern Virginia agent how best to leverage this.
5. Competitive Advantages Won’t Last
Finally, Home Sold Brian Mason points out, as great as conditions are for sellers right now, they won’t last. And this means, of course, that now is the best time to sell your house in Northern Virginia – before it takes longer to sell and at a lower price.
The current market is in fact moving buyers to the point of fatigue. The number of first-time buyers has dropped since June owing in large part to few suitable and affordable houses and the competition from cash buyers.
What will happen in the near future is that more people will want to sell after discovering all these favorable conditions. Then, as more and more homes hit the market, both demand and prices will go down. So now is the time to sell.
But Don’t Get Complacent
One final caveat is in order: don’t let the current conditions that favor you as a seller – this strong seller’s market – lull you into complacency or false confidence. Selling your house quickly and at the best price, possible still takes marketing and aggressive negotiation. And that’s why most sellers still need the services and skills of a good local agent. So if you want to take advantage of the favorable market conditions and sell your house in Northern Virginia, be sure to contact us
today at 202.858.1444.