“Should I put my home on the market now or wait until September?”
This is a question we have recently been asked a lot. And this year’s answer is likely different than the answer we have given in most years past. Conventional thought was that August was a slow real estate month, families were on vacation and if you were thinking of selling, it might be better to wait until September when kids are back in school and more buyers have time to look at homes.
This year, however, we are advising that our Sellers might be better served by not waiting to enter the market. Interest rates are rising. And serious buyers are looking now. Last weekend, we had several open houses. At each one, there was a larger number of buyers than average. And, the key factor we noticed (very different than in years past) – is all but one buyer was represented by a Realtor.
Why is this important? Because the majority of “serious” buyers (buyers who actually buy and are not just “lookie-loos”) have Realtors working on their behalf – especially in a market like today’s where inventory is low and buyers are competing for the same homes.
This puts potential sellers in a great position. Should you wait until September? We say “Carpe Diem!” The time to sell is NOW!
(Buyers – our advice is the same to you as well. Prices are rising and so are interest rates. Each month you wait is costing you money!)
Now . . . here’s our weekly update on the hyperlocal markets of Vienna & Oakton. You’ll find no summer doldrums here as both areas continue to see low inventory and swift sales! (Call The Belt Team at (703) 242-3975 for more specific info or for an analysis on any area of Northern VA.)
Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 17
- Average Days on Market for Active Listings: 88 days
- Average Days on Market for Listings That Went Under Contract: 21 days
- Inventory: 133 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 1.5 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 1.9 months
Oakton Real Estate (22124):
- Number of Contracts: 4
- Average Days on Market for Active Listings: 115 days
- Average Days on Market for Listings That Went Under Contract: 35 days
- Inventory: 74 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 1.75 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 1.85 months
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