As the seasons turn and the days flip by, so the Northern Virginia real estate market changes as well. Memorial Day and the shifting of spring into summer traditionally signal movement in the market. But how are things shaping up this year and how can you be sure if it is the right time to buy or sell?
All Important Memorial Day
Memorial Day is first and foremost a day to remember, honor and salute those who are fighting and have fought for our beloved nation. Without the support and strength of the US military in all of its forms where would Americans be? Where would the world be, for that matter? But this important holiday also signifies a turning point for real estate markets across the US.
It could be the warm weather or the fact that the school year is drawing to a close. Whatever the reason, this is often the time when inventory in the residential property market goes up. This is good news for those looking to buy a house in Northern Virginia. When there are more homes to choose from, chances are better that you will find what you’re looking for.
Higher inventory is a good condition for the sellers on the market either. More inventory often attracts more buyers and can keep the price of your home afloat. It’s best to have the services of a Northern Virginia real estate professional on your side to be sure your home is properly marketed and a qualified buyer is found quickly.
Statistics note that the amount of listed properties on the Northern Virginia market has increased in the time leading up to Memorial Day. With the summer season that amount should continue to go up.
Local Data Matters Most
Looking at the whole real estate market for the area is helpful. But both buyers and sellers are better served by obtaining the local numbers. Statistics can change drastically from locale to locale, even from neighborhood to neighborhood. The market in Arlington County, for instance, may be much different than the market in Prince William County. In the city of Alexandria the market may undergo an even greater change, resulting in widely ranging prices and inventory.
Buyers should ask their realtor to gather information on each of the counties, cities and even neighborhoods that are of interest to them. Finding out the inventory and absorption rates (the rate that properties on the market are selling) for each specific locale is important. With this information you’ll be able to make a more informed decision and perhaps open up the possibilities for a larger home or a better location.
Having up to date information is essential at this time of year. Your options may be more limited as the market picks up speed, meaning you need to have accurate and current data to make the best decisions. Buyers and sellers are wise to find an experienced realtor that can help them navigate the shifts and movements in the Northern Virginia real estate market. Beyond Memorial Day or at any time of year, the ideal home awaits you in the state of Virginia.