Selling Your Home In Falls Church
With spring around the corner, it’s time to start considering whether or not you’ll list your home for sale this year. Spring is the ideal time to make the move since it gives you plenty of good weather and opportunity to enjoy a new home. Yet, is now the right time to list your home? Before you start packing, there are a few things to keep in mind about the current Northern Virginia market conditions. You may be impressed with what we’ve seen over the last year. Selling your home in Falls Church is better than ever.
What 2015 Brought to Northern Virginia Real Estate?
Most people know that much of the Northern Virginia real estate market has seen ups and downs over the last few years. The economic recession hit the area hard, with home prices and sales taking a tumble. Yet, things have improved. In 2015, we saw more evidence of improvement and some outstanding reasons to be excited about the market.
Across the board, Northern Virginia’s real estate market saw steady growth throughout the year. While 2013 and 2014 were exceptional years for many areas, we did see significant growth overall in 2015 though at a steady pace. Many believe that’s a good thing as it indicates the market is growing at a rate it can withstand and maintain, rather than burst in a few years.
Breaking Down Key Market Trends in Northern Virginia Real Estate
Market trends in Northern Virginia are the place to focus when considering what this market can bring you if you plan to list your home for sale. In sales price, we say mostly moderate to modest gains. Median sales grew by 1.1 percent in Fairfax County, for example, to $460,000 and 4.4 percent in Loudoun County to $435,000. Alexandria, perhaps one of the most interesting of locations to sell in, saw 5.24 percent growth to about $500,000. Median sales values rising is a good indication that the market is improving and strong. It means you can list your home and sell it at a good price and likely see a return on that sale. It also means your home is likely to have interest from buyers.
How much interest is there? One way to gauge this is to look at the number of days on the market homes sat before selling in 2015. Although many areas of the country saw this number grow (which isn’t a good thing) it stayed about the same in Northern Virginia throughout 2015. It stood at about 30 days. It indicates that it took about a month from the time a home was listed on the market to the time it went under contract. Nationally, this average was 84 days.
Another key indicator in the desirability of the area is the average price per square foot here. We saw this number grow as well. However, like most areas, the actual value varies based on the county you are in. Northern Virginia, overall, has a high price per square foot. In Loudon County, it stood at $191 while Alexandria climbed to $360. Arlington saw prices rise slightly to $452 and Fairfax came in at $281. All quite impressive numbers for the region.
Exploring Mortgage Rates
You may have heard the Federal Reserve began increasing key lending rates, a move that some thought would drive up mortgage interest rates and slow the overall housing market in the U.S. The good news is that home mortgage rates are still very good. That means that if you are in the market to buy a home, you can still get a low-interest rate. The 30-year fixed rate, for example, was about 3.44 percent with a 15-year fixed rate at around 2.75 percent.
Still Looking for Reasons to List?
Let’s face it. If you are ready to move into a new home, now is the time to do so. If you take the time to work with a real estate agent to price out your home’s worth. Chances are good you’ll appreciate the listing value. And, with spring being the busy time of the year for buying and selling homes, you’ll quickly find there are benefits to making your move right now. Best of all, you can cash in on the excellent conditions for sellers here, get into a home that you love, and lock in a low mortgage rate to do it.