It continues to be a seller's market in Northern Virginia. However, the heat is turning up!
it is a great time to be a northern Virginia home seller
In the past few weeks, we have seen a surge in sale prices. In this article, we break down why it is a great time to be a Northern Virginia seller.
Selling Your Northern Virginia Home
Markets like San Francisco, Miami, Los Angeles are incredibly expensive. The Northern Virginia market offers value - homes in Vienna and most of Northern Virginia are typically half the price of properties in San Francisco, Miami, Seattle, and Chicago.
These more expensive markets were driven by industry - whether Silicon Valley with technology or New York with the financial district.
Northern Virginia Price Appreciation
Northern Virginia offers an excellent quality of life, top-notch education, and job opportunities. Northern Virginia offers so much value at such a more reasonable rate than the other major markets, leaving room for price appreciation. Now, our journey - whether we get there quickly or it serves as a more rough road - we are betting on Northern Virginia in the long run.
Scrutinize Your Timeline
So, what does this mean for you today if you consider selling your home in the next year or two?
If you plan to sell in the next year or two, you should scrutinize your timeline a little more because there has never been a better time to be a seller. We are in a climate right now where the buyers are at home, and they want to buy something now. Buyers are coming out of the woodwork. Whether it was the last Covid surge, or whether they had been on the fence the previous year who decided to wait and just don't want to wait anymore, or they just have cash burning a hole in their pocket - whatever it is, buyers are more ready now than ever before.
What drives prices for sellers is momentum. Currently, Northern Virginia has had more momentum in the last few weeks than we have ever seen before. We easily see 30 plus offers on homes that are already priced high.
Northern Virginia Sellers are Benefiting from New Comps
Spring of 2021, when the market began making headlines, prices were still pretty depressed. We were still using comps from 2019 and 2020 - and those years did not see the bidding wars we currently have that set the prices as high as they are now.
Over the last year, we saw a 20% appreciation. Now that we have the comps from 2021, the sellers benefit from large listing prices. For example, if the listing price on a home was $1 million, today's listing price is $1.2 million. We see those $1.2 million homes sold for three and four hundred thousand over the asking price.
If those numbers don't get your attention as a seller, what will?
Watch the full "How's The Market" video and find out more insights on current inventory, why it's never been a better time to be a seller in Northern Virginia and what your expectations as a seller should be in this market!