Tuesday, March 3, 2015

Northern Virginia Real Estate Market Has New Competition, Ready to Spring Forward

After many weeks of snow and cold weather, Northern Virginia residents are ready to speed up the clocks toward springtime. One more reason to speed up time? The spring real estate market

The housing market is about to "spring forward," especially for home sellers. With rising demand and competition from new construction homes, it's crunch time for NoVa homeowners.

Tight inventory has been a strong factor in holding back the market and many homeowners are now catching on, soon to list when they believe the most homebuyers will be ready to make a move. While we still have two weeks until the official start of the new season, listing your home now could beat the rush of homes that may soon inundate the market. 

Typically, sellers believe waiting until spring is their best interest due to buyer demand. However, this year is an exception. 

Buyer demand has not fallen off during the winter months as it has in the past. In fact, demand this year is three times as strong as it was last year at this time. 

Competition is also a major factor to consider for NoVa home sellers. Aside from the homes that will come to the market in the next few weeks and even months, new construction properties are the new competitors. 

New home sales made up 16% of all homes sold last year, according to the National Association of Realtors Profile of Home Buyers and Sellers. New construction homes, over existing homes, are attracting more buyers this year for their ability to customize design and avoid renovations— as well as their providing an alternate option to the tight inventory we're seeing.

Home sellers that act quickly and list their homes now can benefit from the exposure to buyers before the additional competition hits the market. Contact me today for information about selling your home in Alexandria, Arlington, Springfield, Centreville, Reston and beyond. I'm here to help!

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna. 

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