The Northern Virginia real estate market doesn’t get much better than exists right now. From a low of 3.41% last July, the 30-year fixed mortgage rate spiked up after the election and reached a high of 4.31% in December. However, rates have fallen back over the past few months, and they are still near historical lows. The last figure I saw for a 30-year fixed was 3.85%!
Jobs are up or looked at another way, unemployment is down. In fact, the unemployment rate fell to 4.5 percent in March, according to the Labor Department.
Finally, housing inventory is at a record low.
February saw a 17.9% year-over-year drop in the number of homes on the market. This is the 100th consecutive month of year-over-year declines, going back to October 2008.
So what do these three developments in the Northern Virginia real estate market mean for you?
It’s a great time to sell your house.
- Houses stay on the market an average of 68 days compared to 75 days a year ago
- Because of strong demand, house prices are up 6% since a year ago
- Mortgage rates are low
There are risks to putting your house up for sale in The Northern Virginia real estate market.
- Getting your house ready for sale can be time-consuming.
- Choosing the right price for your house. Too high and you miss the market.
- Then they tell you to move all of your things out of the house, so the buyers are not distracted by your things.
- Then there’s the worry about deferred maintenance and what it will cost to fix.
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