Northern Virginia Homes More Affordable for Buyers
The average price of a home in Northern Virginia went down in December of 2015, according to a report by the Northern Virginia Association of Realtors. It dropped by 3.71 % from one year ago with the price at $551,451. In addition, the median price dropped 0.2% from the previous year, which is a more accurate indication of prices.
Fairfax, VA, March 28, 2016 (Newswire.com) - The average price of a home in Northern Virginia went down in December of 2015, according to a report by the Northern Virginia Association of Realtors. It dropped by 3.71 % from one year ago with the price at $551,451. In addition, the median price dropped 0.2% from the previous year, which is a more accurate indication of prices.
This is good news for buyers, according to Mike Putnam, realtor in the Northern Virginia area. Inventory is also up by 7.36% from the previous year, which means more options for buyers. Combining a higher inventory with slightly lower sales prices indicates 2016 could be a good year for buyers.
A local agent will know the area and how to sell it to prospective buyers
Mike Putnam, Real Estate Agent
Home sales in Northern Virginia saw an increase for 2015 of 9%. While this is good news for sellers, they must be prepared to take advantage of the market. An article on Mike Putnam’s website, 5 Steps to Listing Your Home for Sale, discusses the steps sellers should take before they list their home on the market. By following these guidelines early in the process, they will be more likely to sell their home faster and for a higher price.
The first step is to hire a real estate agent who is experienced in selling in your neighborhood. “A local agent will know the area and how to sell it to prospective buyers,” explains Mike Putnam, who specializes in the Northern Virginia real estate market.
The article also advises sellers to hire their own home inspector to discover problems before the buyer does. This gives them the opportunity to make these repairs and avoid potential delays in the future. Buyers will be less likely to try to get out of a contract if there are few items on their home inspection report. It gives them added confidence that the home has been well-maintained.
Other steps in preparing a home for sale include doing a complete clean, down to steam cleaning carpets and painting walls and updating old items in the home. These tasks help provide a positive first impression for buyers.
Sellers may want to consider putting some of their belongings in storage to reduce the amount of clutter in the home. Less furniture and fewer personal items open up a space, making it feel bigger and more appealing to buyers. It’s a good idea to rent a storage unit for excess items. While this step comes with a cost, sellers can look at it as an investment to help their homes sell faster. The bonus is they already have some of their items packed for when they move.
These steps can help sellers take advantage of a seller’s market, but it can also allow them to sell faster in any market. When they’re prepared and their home is ready to show, they can command a higher price.
Sources:
http://wtop.com/real-estate/2016/01/did-northern-virginia-housing-just-get-cheaper-a-little-bit/