Housing Market Continues to Improve in Northern Virginia
Fairfax, VA, April 4, 2016 (Newswire.com) - According to recent statistics from the Northern Virginia Association of Realtors (NVAR), the housing market in the area is continuing to improve, which is good news for sellers. Comparing December 2015 to December 2014, numbers are up in many areas, which encourages more sellers to put their homes on the market for 2016.
Home sales for the area closed in 2015 with a 9% overall increase. Sales in Fairfax County were up 1.77%, while the median sales price dipped just slightly. Alexandria City saw sales numbers climb quite a bit higher with an almost 18% increase while the median sales price barely dropped at all. Falls Church City saw a sharper decline in the number of sales while the median price went up over 18%.
Considering we had a year with new closing laws, a slower than usual market in the summer, a strong fall market, and sometimes a flurry of bidding wars, our buyers and sellers had a great 2015.
Michael Putnam, Real Estate Agent
According to the 2016 NVAR chairman of the board, Virgil Frizzell, these numbers were to be expected. “Considering we had a year with new closing laws, a slower than usual market in the summer, a strong fall market, and sometimes a flurry of bidding wars, our buyers and sellers had a great 2015.” He also said the area could use more new homes in an affordable price range to help renters move into home ownership.
It is expected that prices will continue to rise slightly, which may encourage some homeowners to put their homes on the market. With the limited inventory, sellers often expect their homes to sell fast and for top dollar. However, it’s important for sellers to take the time to prepare their homes before they list them. In an article from Mike Putnam, Realtor in Northern Virginia, he talks about common mistakes sellers make which prevents their home from selling as fast as they would like or for the best price.
Homeowners should take the time to ensure their home looks and functions well before listing it. They can enhance curb appeal by trimming and planting new flowers and plants to create a strong first impression. They can take that same attitude inside the home with a fresh coat of paint and updates in areas buyers will notice. Some of the simplest tasks they can do to improve their property’s appeal is having carpets professionally cleaned and hiring a cleaning company for the entire house.
Sellers should also research pricing based on their home’s condition. They should work with an experienced real estate agent who knows the area, and they should listen to the agent’s advice. When a home is priced competitively, it has a better chance of selling quickly.
Another piece of advice for sellers to consider is having an action plan for when the home does sell. They should know what their next step will be to avoid delaying closing. They may need to look at purchasing a home or living in a short-term rental when their home sells.
The next months are expected to be a seller’s market. However, homeowners must know how to capitalize on this trend to ensure they sell their property fast and for the right amount.
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