This is originally posted on Coldwell Banker Elite.
If you’re worried that the best time to sell your house has passed, you can take comfort in knowing that it is still an ideal time to sell your home in Virginia. If you weren’t planning on selling your home, then it may be worth it for you to look into it and consider it. The timing is perfect, and here are a few reasons why.
The Sellers Control the Market
The current state of the real estate market is ideal for sellers — this state of condition is even called a seller’s market. As of summer 2021, we are still in a seller’s market. In two of our service areas, we’ve seen an 18% average sales price increase in both our Fredericksburg, VA and Gainesville, VA markets. Housing inventory still has catching up to do from the stagnation experienced in the past couple of years, so there are less houses available but more buyers willing to buy them. With more buyers than sellers and housing in high demand, sellers hold more power over their prices.
The end result is that houses are selling more quickly and at higher prices. As a seller, you reap those benefits.
You Have More Flexibility When Selling
Before COVID-19 and our current seller’s market, you would have likely needed to make more repairs to your home before putting it on the market. In a buyer’s market, for example, it is especially important for homeowners to assess the wear and tear on their homes and make repairs as needed before they’re ready for selling. Otherwise, they can see a decrease in the amount of offers they receive and in their listing price. However, in the current market we’re seeing that many homeowners can put their homes on the market ‘as is’ and still receive many offers. Similarly, buyers in this market are more willing to purchase homes that need repairs and pay more money to do so.
Pricing Is Up
As mentioned before, housing prices are up and the market is geared toward keeping them high. It should be noted that the market is always fluctuating and there is no guarantee as to how long a trend will last. However, if you decide to sell your home in the near future, you can take comfort in knowing that you are operating in an ideal environment.
If You’re Unsure About Selling
If you’re on the fence about selling your home, it might be because you’re unsure about purchasing your new home. The inverse effect of the seller’s market is that buyers are experiencing a more challenging time successfully bidding on homes and purchasing them. In general, buyers are putting more time, more effort, and more money into landing their new homes. You might not want to purchase a new home when prices are high or spend time engaging in highly competitive bidding wars.
These are valid reasons to hold off purchasing a new home, and the great news is that there are other options you can take that will allow you to ease your transition and save some money and time. One key option is renting. Renting allows you to settle down for a temporary period of time while you wait for market conditions to swing back in your favor. Purchasing a new home is a timely and costly endeavor, and it can be highly beneficial to delay this decision until it is ideal for you. Selling your home and then renting is a great way to reap the benefits of this current market while waiting until the market is ideal for buying.
Are you ready to sell? We can help you sell your home today! Reach out to us and find the perfect agent for your needs today.