18 Apr Spring 2017 Northern Virginia home price update
2017 Real Estate Market Is Heating Up!
If you are looking to sell your home, then three recent developments make this spring a unique moment to do so quickly and at a top price.
First, mortgage rates have stabilized.
From a low of 3.41% last July, the 30-year fixed mortgage rate spiked up after the election and reached a high of 4.31% in December.
However, rates have stabilized over the past few months, and despite the increase, they are still near historical lows.
Second, jobs are up.
The U.S. Bureau of Labor Statistics reports 235,000 new jobs in February and 2.3 million over the past year. This reflects continuing growth in consumer and business confidence over recent months.
Third, housing inventory is at a record low.
February saw a 17.9% year-over-year drop in the number of homes on the market. This is the 100th consecutive month of year-over-year declines, going back to October 2008.
So what do these three developments mean for you?
First, if you’re looking to sell your house, they mean you will be able to do so quickly.
Demand for homes is strong and will continue to get even stronger due to the growth in jobs and the low and stable mortgage rates.
The statistics bear this out: homes sold within an average 68 days this February compared to 75 days in February 2016.
Second, it means you can expect to sell your home at a top price.
Because of strong demand and low inventory, prices continue to increase. On a national level, home prices rose 6% year-over-year in February. This agrees with what we’ve been seeing around Northern Virginia as well.
In short, this spring is a fantastic time to sell your home if you’ve been considering it for a while.
In case you’re curious about how much your home is worth in the current market, check out my home value calculator that takes into account recent Northern Virginia sales:
And what if you’re looking to buy a home?
The current low mortgage rates are definitely worth taking advantage of, as they allow you to afford a more luxurious home.
Several amazing homes have recently come on the market around Northern Virginia. To see all the homes that are available right now, take a look at this complete listing:
Whether you’re selling or buying this spring, just give me a call at 571-339-9717 if you have any questions. I’m here to help, and I can give you more detailed information about what is happing in your neighborhood.