Timing matters when it comes to selling your home, and this is true even in Virginia. The housing market has been increasing in value year over year. In the state of Virginia by June of this year, the overall average home price rose a whopping 5.4%. However, this does not tell the whole story. The price of a home in Virginia is only expected to rise even higher, as the supply shrinks. In fact, in June, the number of homes for sale in Virginia fell by 22.2%. As supply contracts, and demand does not, the price tends to rise.
In light of these facts, there are some other factors that you may want to consider when putting your house on the market.
The Time of Year
The time of year matters more than you might think at first glance. Houses that enter the market during the winter months sell for a dramatically lower amount than those placed on the market during the spring and summer. Why this tends to be the case is simple: no one wants to move during the winter. Ice, sleet, and overall cold conditions can make moving large pieces of furniture cumbersome and even dangerous. Additionally, parents may not want to uproot their children during the middle of the school year, so the price they’re willing to pay for a home may reflect that.
Interest Rates
Less in control of the homeowner is another factor: interest rates. Interest rates are set by the federal reserve banking system, and for some time have been at historic lows. This is good for potential buyers. Low interest rates means that a buyer can get a better fixed or variable rate on their mortgage, which can encourage them to buy a house on the more expensive end of their overall budget. However, when interest rates rise, buyers are more likely to think twice about their purchase, especially if they only qualify for a variable rate. When interest rates spike, so does their mortgage payment. If interest rates are high and you want to maximize the selling value of your home, it may be prudent to wait until they come down.
The Market Conditions
Finally, the overall market conditions matter when it comes to timing your listing. The pandemic has created an extreme seller’s market. That means that there are more people looking to purchase a home, especially in non-urban areas, then there are sellers willing to part with their existing residence. If your home is in a rural area, now may be the best time to list a home. However, if your home is located in a major urban area, it might be prudent to wait until later when the seismic shift created by the ongoing work-from-home situation has reached more of an equilibrium.
PJ Belle has proudly served residents of Virginia for years. If you need a trusted resource to help you sell your home fast, contact PJ Belle today!
