The Northern VA housing market recovery coming into 2021 has been nothing short of remarkable considering the pandemic and attack on the capital. Many industry experts, myself included, agree the turnaround from the nation’s economic pause is playing out extremely well for real estate in the DMV. The current market conditions right now are truly making this winter an ideal time to make a move. Here’s the current big wins for homebuyers that are purchasing this winter season.

1. Historically Low Mortgage Rates

Here is a crazy stat, mortgage rates hit all-time lows 16 times in 2020. These low rates have set buyers up for significant long-term gains. In fact, realtor.com notes:

“Given this means homes could cost potentially tens of thousands less over the lifetime of the loan.”

It’s less expensive to borrow money for a home loan today than it has been in years past. Although mortgage rates are expected to remain low this year, even the slightest increase can make a big difference in your payments over the lifetime of a home loan. Particularly at Northern VA prices!

2. Growing Equity

A report by John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity and increasing.

In addition, CoreLogic notes the average equity homeowners gained since last year is $17,000 nationwide average. That’s even higher here in Northern VA, and a tremendous amount of forced savings for homeowners.

3. Appreciating Prices

Leading experts believe home prices are forecasted to continue appreciating. Today, many experts are projecting more moderate home price growth than last year, but still moving in an upward direction through 2021.

The fact that home values are increasing while rates are so low should help you feel confident that buying a home in Northern VA now before prices rise even higher is a strong long-term investment.

4. Low Inventory of Homes For Sale

With a low inventory of homes on the market today, which is contributing to this home price appreciation, sellers are in the driver’s seat. The competition is high among buyers, so homes are selling quickly.

Making a move while so many buyers are looking for homes to purchase may mean your house rises to the top of the buyer pool. Selling your house before more listings come to the market in the traditionally busy spring market might be your best chance to shine.

Bottom Line

If you’re considering making a move in or out of Northern VA, this may be your moment, especially with today’s low mortgage rates and limited inventory. Let’s connect to get you set up for success.