12 Jan Winter 2017 Northern Virginia Home Prices Are Up
Winter 2017: Northern Virginia Home Price Update
If you’ve been considering selling your home, then this winter represents an incredible opportunity.
First, home prices have hit record highs over the past few months.
In fact, home prices are now as high as they were in 2006, at the peak of the housing bubble.
In spite of this, the current market is not experiencing a bubble like we saw 10 years ago.
Instead, today’s high prices are mostly driven by a lack of supply.
That’s why — if you are looking to sell your home — you are in such a good position right now.
Second, we are seeing a period of low but rising mortgage rates.
For example, the average 30-year mortgage rate has been steadily increasing from its low of 3.37%, recorded last July. It now stands well above 4%.
It’s true that by historical standards, today’s mortgage rates are still very low.
And when you combine this with the possibility of continuing increases in the near future . . .
. . . it’s clear why so many home buyers are eager to take advantage of the current situation.
Third, we’ve made it to the end of the election cycle.
Many people were sitting on the sidelines because of the election and the associated uncertainty.
They are now re-entering the real estate market . . . and this will keep demand healthy in the coming months.
Now, even though it’s only January, in northern Virginia the first quarter is often the busiest sales quarter for real estate.
We are in the hottest season for the real estate market, and you have to get moving now to take advantage of it.
To get started, check out a home value calculator I’ve put up on my site.
It takes into account recent DC Metro sales to give you a good idea of what your home is worth in the current market.
If you’d like to get an even better estimate of your home’s true value, give me a call at 571-339-9717.
I know the northern Virginia and DC area well and I talk to home buyers every day, so I have a great feel for the current real estate market.
Once we discuss the unique characteristics of your home, I can give you my best estimate of how much you could get for your home right now, and how quickly you could sell.