Now’s the Best Time to Move Up to a Luxury Home in Northern VA

Maybe your Northern VA home no longer fits your needs and you are planning on buying a premium or luxury home? If so now’s the best time to move up to a luxury home in Northern Va!

Timing the Northern VA real estate market can certainly be a moving target since real estate is local. The market can be very different down to the community level, with some communities selling better than others even when located side by side. With this said, we are experiencing an over abundance of inventory in the premium and luxury home markets in McLean, Vienna, Oakton, Great Falls, Falls Church, Fairfax, Ashburn, and most other places in Northern VA.

Recently I wrote about Trulia’s Market Mismatch Study, showing that in today’s premium home market, buyers are in control. The inventory of homes for sale in the luxury market currently exceeds those searching to purchase these properties in much of Northern VA. This means that homes are often staying on the market longer which can eventually lead to a price drop.

However, those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars. This has occurred with several of my listings including this town home in the Foxfield community in Fairfax, listing here.

The sale of your starter or trade-up house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.

Not everyone buying a premium or luxury properties have a home to sell first.

I have been working with more millennial buyers in Northern VA who have been renting well into their 30’s. They are skipping the starter home step an choosing to rent and save to purchase the premium or luxury home as a first time home buyer.

Bottom Line

The best time to sell any home in Northern VA is when demand is high and supply is low. If you currently own a starter or trade-up home that no longer fits your needs and you are looking to step into a premium or luxury home, now’s the time to list your house for sale and make your dreams come true.