You heard it before: This is a good time to sell!
Really. This is a good time to sell.
If you have watched the news on TV or you received fliers on the mail it’s because there is a pent-up demand for homes now (especially single-family homes) in the suburbs.
These are the facts:
* Buyers are looking for bigger homes to accommodate their families but also because they need ….wait for it…. more space for a home office
* Buyers that used to take the kids to daycare, school, parks, etc now prefer to have a bigger outdoor space for kids to play at home
* Buyers with pets also want to give their furry friends a nice backyard and less crowded sidewalks to walk them
* Buyers that were living and working in the city are now looking at the suburbs to stay away from big crowds
But wait…there is more:
* There are not enough homes to sell yet (low inventory also means less competition among sellers)
* Buyers are willing to pay over asking price when the home is unique, fully updated or located in a very desired neighborhood
* Because buyers are facing a strong competition among themselves too, they are more flexible accepting sellers terms and timelines
* Some homes were sold sight-unseen. All thanks to virtual tours and online showings for the safety of sellers and buyers.
if you’d like to read more about the real estate market in Loudoun and Fairfax counties, here you have several links showing real estate market stats in July 2020:
Low Inventory, High Competition: Loudoun’s Hot Housing Market
https://www.nvar.com/realtors/news/market-statistics/market-statistics-july-2020
July 2020 Monthly Housing Market Trends Report: Buyer Demand Drives Home Prices Up 8.5% in July