Homes in Northern VA are selling faster these days creating an opportunity for homeowners to sell their houses and make a move. However, due to the impact of COVID-19, some sellers are taking their time coming back to the market. According to Javier Vivas, Director of Economic Research at realtor.com:

“Sellers continue returning to the market at a cautious pace and further improvement could be constrained by lingering coronavirus concerns, economic uncertainty, and civil unrest.”

Northern VA homeowners who need a little motivation to get back in the game, it’s good to know that buyers are ready to purchase this season. Buyers are ready now, after spending several months at home and re-evaluating what they truly want and need in their space. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) explains:

“A number of potential buyers noted stalled plans due to the pandemic and that has led to more urgency and a pent-up demand to buy…After being home for months on end – in a home they already wanted to leave – buyers are reminded how much their current home may lack certain desired features or amenities.”

National Association of Realtors latest Market Recovery Survey shares some of the features and amenities buyers are looking for in a home. The features cited as increasingly important are home offices and space to accommodate family members new to the residence. This is a result of long lock downs, family guests, and virtual work. (See graph below):

Homebuyers who would now like to live in a different area due to COVID-19, 47% have an interest in purchasing in the suburbs, 39% cite rural areas, and 25% indicate a desire to be in small towns.

Buyers are eager to find a new home, but there’s a big challenge, especially in much of the Northern VA market: a lack of available listings to purchase. Danielle Hale, Chief Economist at realtor.com explains:

“The realtor.com June Housing Trends Report showed that buyers still outnumber sellers which is causing the gap in time on market to shrink, prices to grow at a faster pace than pre-COVID, and the number of homes available for sale to decrease by more than last month. These trends play out similarly in the most recent week’s data with the change in time on market being most notable. In the most recent week, homes sat on the market just 7 days longer than last year whereas the rest of June saw homes sit 2 weeks or more longer than last year.”

Home sales are picking up speed and buyers are purchasing them at a faster rate than they’re coming to the market. Hale continues to say:

“The housing market has plenty of buyers who would benefit from a few more sellers. If the virus can be contained and home prices continue to grow, this may help bring sellers back to the housing market.”

Bottom Line

If you’re considering selling and your current house in Northern VA please contact us today. You’ll likely be able to sell at the best price, in the least amount of time, and will be able to take advantage of the low interest rates available right now.