If you are in the market for a NoVA home you might be wondering if you should wait a few months for spring or begin house hunting now. Here are a few factors to consider.
The NoVA Market Is Competitive Year-Round
Some real estate markets, particularly those in cold weather climates, experience a big dip in buying and selling during the winter months. While the market might slow down a bit as winter is not an ideal time to move, our market is competitive year-round. Some sellers may be waiting until it warms up to place their home on the market but you still have an impressive inventory to choose from.
You May Have More Negotiating Power
The median home selling price in both Fairfax and Loudoun Counties remains between $508,000 and $515,000. However, you might have a bit more negotiating power during the winter months. Don’t just think in terms of the price of your home but to the minor repairs that will be completed before you move in or which appliances are left in the home. Many sellers will negotiate a bit more during the winter as they would rather sell than wait for another offer to roll in. Regardless, most homes remain on the market for less than 60 days.
Prices Continue To Rise
Purchasing a home is a major commitment so there is never a need to rush. However, housing prices continue to rise—and are expected to jump between 1.5 and 3 percent in 2020. For a $515,000 home this is over $15,000 dollars.
Need Help Finding The Perfect Home?
In a competitive market you deserve to have a trusted and tenured real estate guide at your side every step of the way. Jerry Sardone Realty has served our community for over 50 years and is here to help you find the perfect home!