As a Northern Virginia homeowner, you probably already know the area you live in is a hot market due to your proximity to federal government agencies, contractors, and other major employers in the area. However, is now a good time to sell? Here we outline three reasons why you might want to consider listing your home in early 2022.
1. Demand for Single-Family Homes Remains High
The demand for single-family homes in Northern Virginia is currently much higher than usual, reflecting trends across the U.S. in a world coping with a pandemic. WTOP recently reported housing experts predict continued high demand in 2022 in the DMV. Construction is still ramping up from COVID-19-related delays, labor issues, and supply-chain troubles, which means suspensions of some projects. As a result, demand for existing homes is likely to continue to be more aggressive.
2. Local Home Prices are Up, Up, Up
Buyers are eager to purchase homes and, with a lower than normal supply of inventory, home prices have been driven up. For instance, a home in 2008 in Northern Va. that went for about $400,000 is now going for $550,000 – $600,000. Factor in the shortage of available homes. As a seller, you have a lot of leverage when it comes to negotiations, and may even find your home entering a bidding war between buyers, driving it above your asking price.
3. Interest Rates Remain Relatively Low
One of the challenges sellers face is finding a home to move to. With the low inventory, this could be tricky. However, if you find a home, you can take advantage of lower interest rates. Over the next year, experts predict interest rates for mortgages will be creeping back up, but comparatively speaking, they’ll remain lower than they were pre-pandemic, between 3.3% and 3.6% in 2022. If you’ve been on the fence about selling, the lower interest rates are a good motivator since rates will likely be much higher in 2023 and beyond.
If you’ve decided now is the time to sell your home, let Promesa Properties help! Give us a call today and we’ll be happy to discuss your options and help you to choose the best course of action.