Blog

Winter Real Estate Market Will Be Remarkably Hot

Winter is typically a slower season in real estate—but 2020 is poised to change that in a big way.

Low inventory, high buyer demand, and record-low interest rates are setting up this winter season to be one of the best seller’s markets in recent history—and if you’re thinking about selling your home, now is a great time to make a move.

But how can you take advantage of this historic market?

recent article from realtor.com outlined the ways sellers can make the most out of this winter’s market, including:

  • Price high. Typically you don’t want to price your home too high, but in a market like this, there is more leeway for you to list on the higher end of the price range for your house. This is due to low inventory, high demand, and low interest rates making it possible for a buyer to feel fine about paying a bit more for a house.
  • Offer virtual tours. A lot of buyers are still hesitant to go tour homes in person—so, if you want your home to sell quickly and profitably, make it easy for buyers to tour your home without stepping foot inside. Virtual tours are a great way to allow buyers to get a feel for your home while still social distancing—and are an essential selling tool during COVID-19.
  • Don’t accept an offer too quickly. In today’s homes, many homes are getting multiple offers—so don’t jump on the first offer you receive and say “yes” too quickly. Owners typically have 24 to 48 hours to respond to an offer, so give yourself plenty of time to consider the offer, allow any other offers to roll in, and make the best (and most profitable) decision for your home sale.

The Takeaway:

So, what does this mean for you? We are heading into a serious seller’s market this winter. So, if you’re thinking about selling, it’s important to understand the current state of real estate—and use that knowledge to take advantage of this historic seller’s market.

In Today’s Market, Homes Are Selling High And In Record Time—Making It The Perfect Time To Sell

When you sell your home, you want it to sell quickly and profitably—and according to those standards, there’s never been a better time to sell than right now.

According to recent data from the National Association of REALTORS®, the median existing home price in September 2020 was $311,800—up 14.8 percent year-over-year.

And not only are homes selling at high prices, they’re also selling fast. A whopping 71 percent of homes sold in September were on the market for less than a month. On average, homes in September were on the market for just 21 days—the shortest time frame on record and down from 32 days in September 2019.

According to Lawrence Yun, chief economist for the National Association of REALTORS®, Low interest rates and high demand are driving the current buying frenzy. “Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” Yun said in a recent press release outlining NAR’s findings. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace.”

The Takeaway:

So, what does this mean for you? Not only are home prices high in today’s market, but properties are selling in record time—so if you’ve been thinking about selling your home, now is the time to make a move.

Have a Home Inspection Coming Up? Make Sure To Ask These Questions

The home inspection is one of the most important parts of the homebuying process—and, as a buyer, you want to make sure you understand every step of the process.

But how, exactly do you do that?

recent article from realtor.com outlined the key questions you should ask an inspector before, during, and after the home inspection, including:

  • Before: What do you—and don’t you—check during the inspection? Before the inspection, you’ll want to know the different features your inspector is going to be checking—and any features that aren’t included with the inspection.
  • Before: How long have you been inspecting houses? Ideally, you want to work with an inspector with a solid amount of experience—particularly if you’re buying an older home.
  • Before: Can I attend the inspection? Your inspector should feel comfortable with you being present at the inspection—and if they’re not, consider it a red flag.
  • During: Is this a big deal or a minor issue? Just about every home inspection will turn up some issues—but it’s important for you to understand whether a particular issue is a minor, inexpensive fix, or something more serious and costly.
  • After: Can you clarify this point on the inspection report? You want to understand all the issues your inspector brings up on the inspection report—so if there’s something you don’t understand, make sure to ask them to walk you through it.
  • After: Do I need to call in any experts for follow-up inspections? Your inspector may identify an issue during your inspection that needs further investigation or attention (like issues with your roof or HVAC system). Make sure to ask if you need to call in any additional experts to get an estimate on what the issue is, and what it would take to fix it.

Bottom line? It’s important to stay informed throughout the entire home inspection process—so make sure to ask the right questions before, during, and after your inspection.

5939 First Landing Way, Burke, VA

https://www.asteroom.com/pviewer?token=c3DYCDW900eNvHb0zuChAQ&hideleadgen=0&autorotation=1Townhome style condo for rent in desirable neighborhood. Home backs to wooded common areas and walking paths. Located minutes from restaurants and shopping. Three bedrooms upstairs and washer/dryer conveniently located on upper floor, no need to carry laundry up and downstairs! Brand new appliances in kitchen (with exception of fridge), fenced low maintenance yard.

 

Offered for $2350/month. No pets please 

 

Click here for a virtual tour

11403 Mactavish Heights, Fairfax, VA

This beauty just hit the sales market! Spacious three bedroom townhome for sale in Wescott Ridge. 

Granite counters in kitchen and stainless appliances, hardwood floors in dining room. Middle level has open living room space and owner’s suite. Laundry room conveniently located next to bedroom, no carting laundry up flights of stairs!

Fantastic location, near Rt 66 and 29, minutes to shopping centers and restaurants. 

Fresh paint throughout is in process. Offered for $540,000

 

Presented by Meghan Pachas, Realtor