Selling your house fast and for a reasonable price depends on timing. In Virginia, sales are highest in the summer months and spring. There is more demand hence more competition; thus, homes sell for more money and faster.
People prefer to close and relocate in the early summer when there is a long gap in the school calendar, and their children are not required to miss school.
Furthermore, moving during the summer months is easier than during the snowy winter. The weather is ideal for transportation. Moreover, school and work schedules are relaxed. It’s also crucial to remember that local market conditions also impact the ideal time to sell your home. Job growth, tax benefits, and mortgage rates are some of these factors.
These factors are a small part of the bigger picture. Below, we have prepared a guide that will help you decide when the best time to sell your house is.
House Market Overview in Virginia
Homes in Virginia are selling faster. Homes were on the market for an average of 35 days statewide in February 2021, which was 17 days more quickly than a year ago. Although the number of listings is decreasing, sales transactions are increasing, demonstrating Virginia’s strong demand for real estate.
The median price of houses in Virginia (2019-2021)
Source: Virginia housing market.
In Virginia, the average home value is $332,063. This figure is adjusted for the season and only covers residences in the medium price range. The value of a home in Virginia has increased by 12.5% in the last year.
A low or declining percentage of homes selling for more than their asking price indicates that the market is becoming less competitive.
The rate on a thirty-year fixed-rate mortgage fell to new lows more than 13 times throughout the summer and fall of 2020. Even though the economy is predicted to improve in 2021, there are no signs that mortgage rates will rise anytime soon.
Prices in Virginia have risen due to a shortage of availability, rising demand, and cheap mortgage rates. In 2021, those factors are projected to continue to put upward pressure on property prices.
Increased demand in smaller regions, where price rise is more likely, will significantly increase the median statewide house sales price in 2021. The current market circumstances in Virginia are ideal for selling your home.
Best Time of the Year to Sell Your House in Norfolk, VA
The “ideal” time to sell your home is somewhat subjective, as your unique goals and circumstances determine it. The following factors determine when the best time to sell your house is:
Spring is often the ideal time to list your property for sale, at least before the pandemic-fueled housing boom. It’s when buyers emerge from their winter hibernation and flood the market. sales also go up in the fall as people try to get settled in before the cold kicks in
The early summer months are also ideal, but sales eventually drop off as people go on holiday.
2020 was the exception as a result of the COVID 19 pandemic. In the future, seasonality in the housing market is likely to persist in some form.
Timing is critical, but sometimes market conditions can disrupt the yearly patterns. The housing market, like all markets, follows the rules of supply and demand.
Ideally, the best selling time is when supply is low and demand is high (a sellers’ market). You’re more likely to receive multiple offers at full price or above. We buy homes in Virginia Beach no matter what the market conditions are.
Best Month of the Year to Sell Your House in Norfolk, VA
Two key factors determine the best month to sell your house in, i.e., speed and price.
For many Virginia house sellers, quickly selling their homes is critical. Family deaths, Job transfers, shifting demands, and other essential life changes may necessitate an urgent sale.
Selling your house with a reputable realtor will fast-track the selling process. If you decide to sell a house without a realtor, don’t worry. We buy houses in Virginia after reviewing photos. We will close as soon as you are ready.
If you are interested in selling your Norfolk house quickly, the month of May is perhaps the most excellent time to do so.
The home stays on the market for only 32 days on average if listed in May(inclusive of closing times). Here is an order of the months where houses sell fast from fastest to slowest.
May(fastest, April, June, July, august October, September
June is the ideal month to sell a house in Virginia in terms of price. In June, the median sale price in Virginia was $371,000, up to $20,667 over the average. Regarding house prices in Virginia, median sale prices can help you determine when they’re at their highest and lowest points of the year.
When you look at median selling prices over a long period, you see established trends in pricing. Here is an order of the months where houses sell for the most money from highest to lowest:
Worst Time of the Year to Sell Your House in Norfolk, VA
In Virginia, the most challenging time to sell a house is during the winter months. This is true for the whole country too. Winter weather makes scheduling viewings with out-of-town and out-of-state purchasers problematic.
There is also a buyer mentality that anyone who wants to sell a house during winter must be truly desperate. If you desire to sell a house for cash, do not worry about the market sentiments. Buy my house Norfolk operates even in the winter months.
On the other side, there is less competition, which seems good but can be bad because there are fewer buyers. Fewer buyers usually imply fewer bidding wars and, as a result, a lower selling price.
November, January, December, and February are the slowest months. As a result, we can deduce that demand is highest in the summer and lowest in the winter.
According to Donnell Williams, president of the National Association of Real Estate Brokers, there may not be a terrible moment to sell your home in today’s environment of historically low mortgage rates and limited housing supply.
Worst Month of the Year to Sell Your House in Norfolk, VA
December is the most challenging month to sell a home. This month, on average, property sellers receive the lowest premium, making it the perfect time for purchasers to enter the market.
In general, most families meet up and bond during the December festivities. Considering how much Virginia residents value their homes, it would be hard finding anyone willing to spend December trying to buy or sell a house.
If you find a buyer in December, the chances are that they are serious and are not likely to pull out of a sale. If you’re still willing to proceed with the sale, you will probably close the deal at a below-average price.
Median Sale-to-List Ratio by Month in Virginia
A median sale to list ratio is the final selling price (the amount a buyer pays for a house) divided by the listing price (the price you put down when officially listing the home), expressed as a percentage.
If it’s greater than 100%, the house sold for more than the asking amount. If the percentage is lower than 100%, the seller sold the residence less than the asking amount.
When you observe the median sale-to-list ratio in a market, you may get a sense of how competitive or in-demand houses are in that area. This ratio can tell you a lot about current market conditions
|Month||The median sale-to-list ratio in Virginia|
The median sale-to-list ratio is an indicator of how “hot” a market is. Markets that are “hot” have high and growing sale-to-list ratios, and markets that are “cooler,” or more neutral, have lower and steady ratios.
From January to June 2019, the sale-to-list price ratio in Alexandria, Caroline County, Arlington County, and Falls Church’s four local areas was above 100 percent, indicating that homes were selling for more than list price on average.
On the other hand, some areas have final sale prices far lower than the final list price. Wise, southwestern Virginia, Russell, Buchanan, Bland, and Highland counties all have sale-to-list price ratios below 90%.
Pinpointing the best time of the year to sell your house is possible. However, selling during that ideal window is the hard part. Unfortunately, we rarely get the chance to choose when to sell our house.
You are significantly more likely to sell when you get a job transfer, a new child, or the need to downsize or upsize. If you are facing such an emergency(or any other), there are companies that buy houses in Virginia, no matter the timing.
It is prudent to wait for the ideal market conditions to time your sale if you have time. If your house is in good condition, you will probably get multiple offers and generate a nice profit in the process.
Contact us to get a competitive cash offer regardless of the timing, season, and market conditions.