Is Winter A Good Time To Sell My Home?
We have been receiving this question from past clients and potential sellers frequently. We receive it every year around this time but, it seems to be more pronounced this year. With the election finally over and a shift in interest rates those considering selling have an uncertainty on the current conditions of the Northern Virginia real estate market.
We can tell you that we are moving homes very quickly right now. We are also working with a lot of buyers actively seeking their next home. They have a sense of urgency because they want to go under contract before interest rates increase again. Homes that show well, are priced according to the market, and that are in a good location are moving quickly – within a matter of days. It’s a common misnomer that winter isn’t a good time to sell and quite frankly it’s just not true.
The bad news for buyers right now is interest rates have gone up. On November 7 they hit an all-time low of 3.47% but, since then have gone up to over 4%. As a buyer there are two things you should know. Yes, interest rates have gone up, however, they are still historically extremely low and worth taking advantage of. The second thing to know is many sellers who had held off on listing due to the election have now put their home on the market. Inventory isn’t as tight as it was in November and that’s good news because you have more homes to choose from. By no means is inventory plentiful but, it's not as low as it was.
There are also many reasons to be optimistic for the future. Tax breaks that have been promised could reinvigorate the luxury home sales market. Homes in this segment are still moving but, are taking a bit longer to go under contract in Northern Virginia. This could have a ripple-down effect throughout the rest of the real estate market, spurring sales and construction of mid-level and lower-priced housing. If regulation loosens this could further stimulate construction and make it easier for buyers to obtain mortgages. While these are long-term improvements to look forward to, there's one thing to be grateful for right now: the election is over. It certainly seems things are getting back to normal as people come to realize the world's not ending. In fact, many people who were waiting on the sidelines while the election was going on are now entering the real estate market. Don’t let winter hold you back, it's a great time to take advantage of this if you are selling.
Home prices are near record highs. If you'd like to get an idea of what your home is currently worth, check out this calculator which takes into account recent Northern Virginia sales:
If you’d like to talk about where the Northern Virginia real estate market might be headed in the next couple of months or just have questions you’d like to have answered give us a call at 703-988-3151. We’re here to help and would be happy to talk with you.