The Northern VA housing market has been recovering nicely since the lows of 2008. Prices have increased by double digits over the last 24 months in many areas. Competition from the shadow inventory of lower priced distressed properties (foreclosures and short sales) is gone. Now may be the perfect time to sell your home and move to the dream house or perfect location, location, location you have always talked about. (a.k.a. avoid the dread traffic of I66 or I95).

The one suggestion I would definitely offer: DON’T OVERPRICE YOUR HOME!!

Even though prices in Northern VA have increased by more than 4% over the last year as a whole, the acceleration of appreciation has slowed dramatically over the last few months. As an example, in their April Home Price Index Report, CoreLogic revealed that home prices actually depreciated by .08% this month as compared to last month’s report. What concerns us is that Trulia just reported that asking prices are still continuing to increase.

Because investor purchases have declined and 24% of homes are not appraising since buyers still fear over biding, we believe that sellers should be very cautious when they price their house. The alternative might be that you could lose money by overpricing your home at the start as explained in a research study on the matter.

Bottom Line

Though it is a great time to sell your house in Northern VA, pricing it right is crucial. Get guidance from a real estate professional in your marketplace to ensure you get the best deal possible. (Hopefully me….)