If you’re reading this article, you’re probably considering selling your home and wondering “is now a good time to sell in Virginia?”
Regardless of your reason for selling, you’re in a great place as a Virginia homeowner in today’s real estate market. You’ll enjoy high competition among buyers and benefit from record-high home prices.
Still unsure about selling your home? This article discusses the current Virginia real estate market, whether or not it’s a good time to sell, and two ways to sell your home so you can make the best choice for you and your family this year.
Is Now a Good Time to Sell in Virginia?
The question we receive the most from sellers has to do with the timing when it comes to selling. Most sellers try to time the market at the optimal time, but the truth is that timing the market is almost impossible and may lead to more problems and missed opportunities.
With that being said, we’re currently experiencing a favorable real estate market for sellers in Virginia. According to Redfin, the median sale price for homes in Virginia is $458,600 (up 8.7% since last year). Additionally, 45.4% of Virginia homes sell over their initial asking price, indicating a high level of competition among buyers.
Home sales are also on the rise in the Virginia market. April home sales totaled 9,774 and marked an increase of 10.6% since this time last year. All these factors should assure homeowners that now is a great time to sell your home in Virginia.
Factors to Consider Before Selling
While we’re experiencing high home values, more homes sold, and competition amongst buyers, selling in today’s market isn’t always the best decision. Let’s talk about the top factors to consider before selling your Virginia home in 2024.
Personal Circumstances
The most important factor when it comes to selling your home in Virginia is your personal circumstances and the reasons for selling. Are you going through major life changes like marriage, divorce, retirement, or job relocation? These changes often require a reassessment of your housing needs.
Also consider how selling your home fits into your current lifestyle preferences and future plans. Keep in mind that moving to a new area may force you to lose out on local amenities and no longer being in close proximity to restaurants, entertainment, friends, and other things you’ve become accustomed to where you live.
Housing Needs
Although you may receive more money for your house than ever before, you’ll also need to consider your current housing needs and the housing market as a buyer.
After selling their own home, most sellers need a new place to live and choose to buy another property. However, home sellers should expect the same fierce competition and high asking prices as they conduct their home search before selling.
It’s these factors that cause many sellers to rethink their plan and hold onto their home, especially if they’ve locked in a low interest rate on their current property.
Financial Goals
You’ll also need to evaluate your financial objectives and how selling your home aligns with them. Consider whether you’re looking to downsize to reduce expenses, upgrade to a larger home, or relocate for new career opportunities.
Even though home prices are high and we’re in a sellers market, potential sellers should also consider the financial gain (or loss) from selling their home. Calculate your expected proceeds after accounting for selling costs and any outstanding mortgage balance to make sure selling is a smart financial decision.
2 Ways to Sell Your Virginia Home in 2024
Whether you’re located in Portsmouth, Virginia Beach, Norfolk, or any other area in Virginia, it’s important to understand the options you have when selling your home in today’s market.
Generally speaking, there are two ways to sell your Virginia home, and the best option depends on your personal circumstances and your selling goals. Let’s dive into these two options, their pros and cons, and more information about selling your home in Virginia.
Selling with a Real Estate Agent
Selling your home with a real estate agent is the traditional way to sell. This involves connecting with a local agent who handles the sale process from start to finish. While you may be required to clean the home and spruce it up before listing, selling with a real estate agent tends to be a relatively hands-off process.
Your agent handles listing the home, taking professional photos, drafting contracts, and negotiating with interested buyers. They also have marketing expertise to get the word out about your property and often have a network of other agents with interested buyers.
However, selling with a real estate agent isn’t always the best option. Real estate agents charge high commissions (up to 6% of the selling price) and you have less control over the selling process. Additionally, your daily routine may be interrupted with open houses and after-hours showings to accommodate buyers’ schedules.
Selling to a Virginia House Buyer
Virginia house buyers (also known as “we buy houses” companies) specialize in purchasing Virginia homes with a cash payment. These professionals have liquid funds and buy Virginia properties without the need for open houses and extensive negotiations.
Working with a we buy houses company offers several advantages. First, they typically work with sellers who own distressed properties and purchase homes as-is for cash. This means homeowners won’t need to make extensive repairs before selling like they would when selling with a real estate agent.
Home buyers also close the sale on an expedited timeline, which can be especially beneficial for sellers who need to offload their property quickly due to personal circumstances. Lastly, selling with a cash buyer gives homeowners the peace of mind that the sale will succeed due to their liquidity. Selling to a borrower with a mortgage leaves open the possibility of delays in the financing process which could derail the sale and cause the deal to fall apart.
On the flip side, a cash buyer typically makes offers below market value, which means Virginia homeowners may not receive as much for their home compared to selling with a real estate agent. Working with a we buy houses company may also cause you to miss out on higher offers from traditional buyers and lead to a lower selling price.
» RELATED: More Advantages of Selling to Cash Buyers
Final Thoughts
Selling your home can be an exciting and overwhelming process regardless of your circumstances. Luckily for homeowners, now is one of the best times to sell due to the high real estate values and fierce buyer competition.
Homeowners on a tight timeline will find that selling with a cash buyer is the best option, while sellers who aren’t in a rush to move and want to get the most for their home may want to explore selling with a reputable real estate agent in their area.