The market is slowly changing
Now couldn’t be a better time to sell your home in the Northern Virginia area. We’re currently in one of the hottest seller markets in recent years, even as inventory continues to lag and interest rates inch higher. Data from WTOP News shows that homes are starting to stay on the market longer–indicating an incoming market correction.
But even as the market turns, it’s not too late to sell your home in Northern Virginia at the tail end of the peak selling season. This article discusses the current real estate market in Northern Virginia and why now is the time to sell your home for top dollar with a trusted real estate agent like Kevin Bailey.
The current state of the market
Since last year, home prices have increased in nearly every part of the DC Metro area. Fairfax County’s average home selling price was $721,095–up over 3 percent since last August. Areas like Arlington saw a modest increase in year-over-year selling prices as well.
However, home sales are down significantly in many regions of Northern Virginia. The number of homes sold in Falls Church and Alexandria decreased by 35 percent and 20 percent, respectively, since August 2021. The below graph illustrates the decline in housing inventory in the area.
Why now is the time to sell your home
Selling your home can be a lucrative opportunity for many homeowners in 2022. They’ve most likely experienced property appreciation over the last few years, and now is the time to take advantage of it.
Homeowners should also consider interest rates and where they are headed in the coming years. The graph below clearly shows interest rates rising as the Fed continues to expect rate hikes to slow our inflation-driven economy.
When you should say yes to selling your home
Not everyone is in a position to sell their home. Those who are on the fence should consider the following situations that tend to make it ideal to sell your home:
- If you’re financially ready. If you’ve been thinking about selling your home for a while and you’ve established your emergency fund, you’re probably ready to sell.
- If you already have a new home in mind. The problem with selling in today’s market is that you’ll need another place to live after you sell your home. If you already have a new home in mind, you’re in a good position to sell your home.
- If you want to downsize. Plenty of people are choosing to downsize their current living space in favor of a reasonably priced home that’s easier to maintain. Now may be a good time to sell if this sounds like you.
Hundreds of people have trusted Kevin Bailey to sell their homes for top dollar in the DC area. Consistently ranked as one of the best realtors in Northern Virginia, Kevin is a local GMU School of Business alum who has deep knowledge of the area and continues to get results for his clients.
To see if working with Kevin is a good fit for you, sign up for a free Virtual Strategy Session with Kevin and use our Free Home Valuation to find out what your home is worth today!