Who Says You Won't Sell Your Fairfax City Condo in December?
The year end real estate market in Fairfax City and the Northern Virginia suburban area is a true gem that too many sellers will pass by in an attempt to hit the spring market. Spring is the time to sell, at least, that's the conventional wisdom. And as a believe in the year end Northern Virginia real estate market, I have sat and listened to agents talk clients out of listing and waiting for spring. WHY?
Selling a home is no different than selling anything else. The laws of supply and demand are at play. Maybe in some real estate markets, the year end market is a dead zone, but not in Northern Virginia, or Fairfax City specifically. Let's talk about what fuels demand. Year end real estate demand comes from a few factors. For starters, the fiscal year of the Federal government that starts October 1st, which by two to three degrees of separation, employs the majority of the Northern Virginia workplace. Year end is when folks directly, or indirectly, employed by the Feds get raises or new contracts. That fuels a desire to move. With a pay increase or new contract, a buyer may suddenly find moving up or buying their first place affordable. And don't forget about the new job positions created with the beginning of that Federal fiscal year. People relocating to Northern Virginia for a job tend to want to settle down in a home right away. The great emotional multiplier is the holiday season. Why wait until spring when everything around you is creating a strong emotion around HOME in the months of November and December.
So with demand for homes still out there in the year end Northern Virginia marketplace, what happens to supply? Well, with the advise that most agents are likely to give, it wanes. Fewer homes to buy means, but with motivated buyers in the marketplace, means sellers who take advantage of the year end market are able to wrap up deals for prices that may not have achieved in the spring market when supply increases, and not always proportional to buyer demand.
The sellers of Unit 307 in Providence Square Condos hit the market with me on October 4th. I shared with them with my belief in the strong fall market. After a couple price adjustments to correct for the market feedback about some needed improvements, a "home for the holidays" motivated buyer found the condo and its location in the heart of quaint and bustling Fairfax City to good to pass up. On November 30th, this Fairfax City condo went under contract.
There are some markets where spring may be the only selling season that matters, but not in Northern Virginia, or Fairfax City. We have strong year end economic forces at work.
Stay tuned for the final sold price on Unit 307 in Fairfax City. These buyers are attempting to hit a New Year's Eve closing, but that's largely up to the lender.