We are receiving the same question from homeowners visiting our website www.MaryanneMoyers.com. Homeowners want to know if they should place their home on the market for sale, or wait for area housing prices to rise. Contact any experienced real estate agent who is active in the Northern Virginia sales market and they will tell you now is the time to sell a home. Here’s why:
(1) Inventory is very low in all price ranges in all jurisdictions.
(2) Mortgage rates are at historical lows (3.75% – 4.00%) for 30 year fixed rate loans.
(3) First time home buyers and real estate investors are jumping into this market based on interest rates and housing shortages. We have shown properties in Fairfax County, Prince William County, and Stafford County during the last 3 months. After these home searches were complete it was obvious finding a well maintained home which is ready to move into immediately after purchase would be difficult during 2012 home searches.
(4) The Obama Administration through The Departments of the Treasury, and Housing and Urban Development have helped curb short sales from entering the market. The Home Affordable Mortgage Program (HAMP) which is designed to lower monthly mortgage payments has helped deplete the housing market of short sale listings. Along with government programs addressing principal reduction alternatives, second lien modifications, USDA special loan servicing, separate modification programs for VA & FHA homeowners, and unemployment mortgage assistance, the Northern Virginia real estate markets have become starved for listings. For more information on these programs click here.
The items discussed above have created the formula for a seller’s market. The deadline for HAMP assistance has been extended until 12/31/13. Our assessment of future home prices and inventory are directly related to employment figures. If unemployment rates in Northern Virginia do not improve by the end of 2013, Fairfax County, Prince William County, Stafford County, Fredericksburg, and Spotsylvania County will see a sudden rise in short sales. As we saw during the collapse of the housing market, without government intervention, homeowners will be faced with short sale options instead of foreclosure. This creates the beginning of the cycle when banks began entertaining short sale proposals. This creates competition to sell your home, and reduces housing prices.
If you are trying to decide if you should sell or rent your home, please feel free to contact us. We will give you the latest market statistics and trends to help you make an informed decision.
- Methods of Searching for a Good Real Estate Agent in Northern Virginia (moyersteamblog.com)
- Program HR 3648 Short Sale Platform for Stafford County (moyersteamblog.com)
- New Homes in Stafford County at Leeland Station (moyersteamblog.com)
- Prince William County Foreclosure and Short Sale Update (moyersteamblog.com)
- New Short Sale Guidelines Benefit Homeowners (moyersteamblog.com)