Are you thinking about selling your house, but not sure if you want to wait until after the holidays? You should know that 2020 has not been a typical year for our local real estate market. We have been in a strong seller’s market all year long and it continues to favor sellers at the moment.
The latest Existing Home Sales Report from The Northern Virginia Association of Realtors (NVAR) shows exceedingly strong price increases (+10.99%) and extraordinary home sales volume (+29.14%) compared to October 2019.
For Fairfax County, the average days on market in November 2020 was only 19 days with a record low 1.3-month supply. Arlington County’s average days on market is only slightly higher at 21 days on market and 2.6-month supply. And to the south, Prince William County’s average days on market is even lower at 11 days on market and 0.7-month supply (source Bright MLS).
Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market, in which there are enough homes available for active buyers (See graph below, source Keeping Current Matters):
When the supply of houses for sale is as low as it is right now, it is much harder for buyers to find homes to purchase. Consequentially, this means more competition among purchasers making it essential for buyers to submit very attractive offers. When this happens, sellers are in the best position to negotiate deals that meet their ideal terms and prices rise.
Today, there are many buyers who are ready, willing, and able to purchase. The record-low mortgage rates have encouraged many buyers to take action. In our market, the supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.
Home prices are appreciating in today’s sellers’ market. Making your home available over the next few weeks will give you the most exposure to buyers who will be actively competing against each other to purchase it. For a free consultation, contact me today at 571-969-6514 or [email protected]
Pinyo is a full-service Realtor with Berkshire Hathaway HomeServices PenFed Realty and an insurance agent with McEvoy Insurance & Financial Services. He specializes in representing clients in the purchase and sale of residential and investment properties throughout Virginia and Maryland areas around DC.