Do you ignore the financial news because you don’t think it affects your daily life? This is a mistake.
Right now, your interest rate on your variable-rate home loan could be rising.
Right now, there could be people driving up and down your street looking for a for sale sign because they desperately want to live in your neighborhood.
And if you are currently renting and are thinking about buying a house sometime in the “future,” this might be the time to strike.
It is essential to pay attention to the financial news, especially in your local area, because it does affect your daily life.
Here are the real estate trends in the State of Virginia.
2019 Real Estate Market Forecast for Virginia
Overall, Virginians are experiencing a very hot real estate market right now, especially in the northern part of the state.
Based on the current data, here are the ten most expensive Virginia cities as of 2019: Great Falls, McLean, Clifton, Falls Church, Vienna, Fort Myer, Fairfax Station, Oakton, Hamilton, and Arlington.
And when we say that these are the most expensive cities in Virginia, that’s saying something. Virginia consistently ranks among the top 10 wealthiest states in the U.S. Four counties in northern Virginia (Loudoun, Fairfax, Arlington, and Stafford) are often listed in the top 10 most affluent counties in the country.
How does all this wealth affect the Virginia real estate market?
Home values continue to rise. From February 2017 to February 2018, they rose 3.8%. They are expected to continue to increase at least another 2.9% in the next year.
The average home in Virginia is $257,700. If you look at the average price of specific communities within Virginia, you can see how much diversity in housing costs there are throughout the state.
While the median price of a house in Arlington is $642,800 and in Fairfax is $521,600, the median price in Norfolk is $177,700, and Newport News is $172,500.
Housing prices will continue to rise in Northern Virginia since Amazon and Apple announced they would be setting up east coast headquarters nearby. These announcements mean that over 50,000 new high-paid employees will be entering the area.
This announcement means that areas such as Crystal City and the area around National Landing will see an immediate increase in value.
Even though houses continue to increase in value, they are selling quickly. Homes in Virginia are on the market an average of 92 days before selling. This number continues to lower, which means that homes are going fast.
Rent is also higher in Virginia than in the rest of the country. The average rent in the U.S. is $1,483, and the Virginia market is $1,586. Rent is rising in Virginia, so if you can afford an investment property, this is the time to purchase one.
When Is the Best Time to Sell a House in Virginia in 2019?
If you find yourself having to leave the Virginia area, and you have flexibility on when you can put your home on the market, the best time to put your home on the market is in the first half of April.
Selling in early spring may give your home an average of a $3,800 boost in its selling price.
The last half of April, May, and the first half of June is also a strong time for homeowners to sell.
The end of November and December are statistically the worst times to put your home on the market.
If you live in the coveted counties of northern Virginia, you might want to pay attention to when Amazon and Apple begin staffing their offices. At that point, you will surely see home prices rise.
With this being said, it is a seller’s market in Arlington, Alexandria, Centreville/Chantilly, Fairfax, City of Falls Church, Falls Church, City of Alexandria, Herndon, Reston, and Springfield.
Great Falls and McLean are experiencing a more balanced market right now.
Reach out to a local real estate agent in your area for the best data regarding sales in your county.
When Is the Best Time to Buy a House in Virginia in 2019?
If you are planning to purchase a home in Virginia, especially in the northern part of the state, you better move quickly.
First, you will soon have more competition at house showings as a large number of high-paid employees flock to your area.
More competition means that the prices of the houses will increase. You may also have to be willing to move quickly to put in an offer on a house.
Second, interest rates are expected to increase as 2019 continues. Lock in a lower interest rate by starting the home-buying process now. Some analysts are saying that they could go a high as 6%. Because of this, locking in a good interest rate with a 30-year, fixed-rate mortgage would be recommended.
If you have flexibility on when you can purchase your home, and if you aren’t necessarily picky on the style and neighborhood, your best bet for finding a good deal will be around the holidays and into January. Homeowners who are selling their homes at this unpopular time of year may be doing so out of necessity. You might be able to capitalize on this by getting a better deal.
Regardless, reach out to the best real estate agent in your area to receive advice and have him or her negotiate on your behalf.
Whether you are buying or selling, your first step is partnering with an experienced, local real estate agent. Our Clever Partner Agents will offer guidance and support through the home buying or home selling process.
If you are selling, our agents will give you the skinny on how to offer a competitive pricing strategy. If you are buying, he or she will negotiate on your behalf to find the perfect house for you.
Fill out the online form, and we will be in touch to answer any questions and connect you with one of our full-service, local Partner Agents for a no-obligation consultation.