Now might be the right time to sell your Locust Grove home
1. Buyers are out looking. Home buyers are out and they are looking early this year. There are 61 homes under contract in 22508 which also includes homes for sale in Lake of the Wood, VA. That is almost as many as are currently on the market! Proof is in the numbers as they say and these numbers tell the story of a very active real estate market.
2. Very low inventory. In Locust Grove as of today there were only 79 homes on the market. Represent essentially less what we seen in previous years. What this means for you is your home has less competition on the market! It is generally believed in the Real Estate industry that when covid-19 lifts more sellers will be making a move this year. As a result inventory should slowly increase.
3. Very low interest rates. Today Bankratecom is advertising an amazing 3.03% 15 year interest rate which historically is quite low. This could be a perfect time if you have a higher interest rate to take advantage of additional monthly savings and make a move at the same time to a home that better fits your lifestyle.
4. New construction homes. Builders also recognize that the spring market is when more buyers are available to view and buy. As a result they typically plan to have their homes completed and on the market spring/summer. If you have a newer home it's important to understand the new construction homes could potentially be competition for you on the market. It's best to beat the builders before they complete their homes.
5. Home values are steady. If buyer demand outpaces current inventory home prices could possibly rise. At this point home prices remain steady as buyer and seller levels are in relative equilibrium. A higher home price could mean more money in your pocket at closing.
If you were thinking of entering the market this year or just want any general real estate advice, please give Realtor Sean Jones a call at 540-360-5166. Be glad to get any of your questions answered. Thanks and have a great day! Sean Jones.