Home Prices Down, Sales Up in Northern Virginia
Fairfax, VA, April 25, 2016 (Newswire.com) - The Virginia Association of Realtors reports that home sales are up as median sales prices went down slightly, according to their latest figures for the month of February. If these trends continue, sellers can expect more competition from buyers for their properties as inventory and pricing combine to enhance interest in the market.
The number of homes that went to closing in February was up from 6,058 in 2015 to 6,391 for 2016, resulting in a 5.5 percent increase in year-over-year sales. The trend is expected to continue as interest rates stay low and inventory increases for the spring.
Sellers have to think like buyers when pricing their homes
Michael Putnam, Real Estate Agent
At the same time, the median price for homes was down approximately one percent from the previous year. In February of 2015, the median price across the state was $245,000. The price dropped to $242,600 for the same month in 2016.
Another improvement noted in the report was the number of days a home spent on the market. In January 2015, it was 91 days from listing to a sales contract. This number dropped to 85 days in February of 2016. These figures are good news for realtors in Virginia as well as buyers and sellers. It is expected that the state will see month-to-month increases through the month of June, which is historically the busiest time of the year.
Sellers can capitalize on these trends and sell their homes quickly if they price them right, according to Mike Putnam, Northern Virginia Realtor. He explains the importance of setting the right price for your home in a blog post and gives advice for how to know the best list price for a quick sale.
Realtors like Mike Putnam provide comparables to their clients who are planning to sell their homes. It’s important to study those comparables and set a price that will attract buyer attention. Sellers must also know how much they need to get from the sale of their home to pay off a current mortgage and provide a down payment on a new property.
The condition of the home will influence the selling price, and homeowners must decide if they want to make repairs or pay for updates or reduce the list price to be more competitive. Sellers can also enhance their asking price by offering a few bonuses to buyers, such as new flooring or energy-efficient appliances.
“Sellers have to think like buyers when pricing their homes,” Putnam says. “They must look at real value instead of sentimental value.” He also advises getting an appraisal before listing if homeowners aren’t sure what their home is worth. This can help them price the property competitively for a faster sale or even a bidding war where they end up with a higher sales price than what the home was listed for.