For Haymarket and Gainesville, VA area homeowners …
The Spring real estate market is in full swing! If you’re getting ready to sell your home, or are in the market to buy a new home, here is some advice and recent market trends that you may find insightful.
We are seeing patterns that are typical of a healthy Spring market, although the average Days on the Market is up, so homes are taking longer to sell. Inventory (New Listings) in Haymarket and Gainesville is also up, substantially higher than it was at this time last year. This means there is more competition. The number of home sales (Closed Sales) has been down, however sales are now really starting to pick up (see chart). With all this, the Median Sold Price is still on the rise.
RELATED: 2015 Real Estate Market Trends for the First Quarter
Advice to sellers:
There is good competition out there so make sure you have the leading edge by preparing your home in advance and pricing it right. Home sales have picked up and the ones that are well-maintained, move-in ready and presented nicely are selling faster. For tips on getting your house ready to sell, see The House That Sells Itself.
For pricing, it’s better to price it right and entertain multiple bids rather than price it too high to see what happens. With the competition and average days on the market, your house will probably sit longer, eventually forcing you to drop the price anyway.
Advice to buyers:
Because there is increased inventory and the climate is healthy, we aren’t looking at a crazed real estate market with bidding wars. However, if something really nice is new to the market and priced well, it will sell fast. It may even go over asking price and there may be other bidders. This means you need to have your lender lined up, your documents ready to go, and your checkbook in hand. If you really like a property, be prepared to move fast or someone else might.
RELATED: See the importance of working with a Buyers Agent for new construction
Buyers, if you want to watch the market closely but don’t have time to check MLS listings daily, sign up for a free Market Snapshot. Set it up with your criteria and THE DAY a new house comes on the market, you’ll receive an email. Email firstname.lastname@example.org and he’ll get you started. Or, sign up for Market Snapshot now …
See the full print issue of Haymarket Homeowner March/April 2015 …