Discover 2021 housing market trends in Northern Virginia and what's next for your buy or sell.
So what has changed in housing market trends in 2021? We are seeing landlords list their investment properties for sale. This is “pushing” renters into the market. This has significantly increased the home-shopping pool. Many of the shoppers are ready, willing, and able to buy a home. Others would like to rent.
In Q1 of 2021, Northern Virginia experienced...
- ...an average of 550 homes were sold each month in the Fredericksburg region.
- Right now, there are 345 resale homes available. That is less than 1 month’s supply.
- The rental market saw 125 homes rented on average per month.
- As of March 31st, there are 43 rental homes available. Once again...less than a 30 day supply of rental homes.
What can I do about these housing market trends?
I bet many of you are thinking: "what can I do to be chosen for the home of my dreams?" With wise and informed actions and perhaps some compromise (negotiations) on our part, we can position you to get your offer or application accepted!
Here are some steps for both buyers and sellers:
Next Steps for Buyers
- The first step for you is to get pre-approved. Without pre-approval, we have no chance to get your offer accepted.
- Second, we need to make every effort to see homes as soon as they become available for showings.
- Third, discuss your non-negotiables in terms of home features and offer strategies (home inspection, appraisal, etc.).
Next Steps for Renters
- The first step for you is to pay for a FICO credit report. Annualcreditreport.com has an option to purchase this option.
- Second, we need to make every effort to see homes as soon as they become available for showings.
- Third, organize everything you’ll need to apply for a home and have it ready to go. Most companies require a copy of your most recent 30 days’ paystubs, income documents from any other source that you’d like towards qualifying, and a copy of your unexpired, government-issued photo id. Self-employed? They will want a copy of your two most recent years’ taxes.
Share
