Here is the April 2021 Market Update for Hampton Roads, regarding real estate for the region's seven cities of Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Hampton and Newport News. More information about market trends and months’ supply of inventory can be obtained from The Real Estate Information Network. Read more here....
when selling your home timing is everything
Choosing the right time to sell is a personal decision for homeowners. Consider these questions to time your sale for the best results:
Who rules in the current market?
In a buyer’s market, low buyer demand and a lot of homes to choose from likely means a decrease the sales price of your home. In a seller’s market, higher buyer demand and a shortage of homes for sale drive prices up. Each market has its own challenges and opportunities, but waiting for a seller’s market makes it easier to find a buyer at the highest price.
Attention: We're in a seller's market!
How long have you lived in your house?
According to Nolo.com, Here’s the most important thing you need to know: If you’ve lived in the home you own for at least 2 of the past 5 years, you qualify for a $250,000 home sale exclusion. Contact your tax professional for more details. Time it right and pocket those tax savings!
What time of the year is it?
Usually more home buyers are out house hunting during the spring and early summer months. The market slows down around the holidays. However, there are still buyers are still looking for homes during the winter, and there’s less competition from other sellers. With proper marketing, your being able to list your property during the off season often produces a great sale.
What’s the condition of your home?
If your property is in need of some TLC, complete those needed repairs before listing your home for sale. Homebuyers want a home that is clean and move-in ready. Holding out to sell until you've taken care of things that need maintenance will pay off in the end.
If you don’t want to make repairs before selling, that works too. However, someone who has the money for upgrades or can DIY repairs is needed, and the price more than likely will have to reflect the work needed to get the property in shape.
Is the time right for you to sell? Please call me with any questions or to set up a listing appointment!
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I hope that you enjoyed this April 2021 post!