Published: June 11, 2021 | Read Time: 4 minutes
June has always been one of the hottest months to sell your home. But if you’ve been following the housing market since the pandemic started, you already know things are different this year. The market isn’t just hotâit’s white-hot. Plus, with June’s traditional selling season in full swing, you’ve got a recipe for a quick sale.
Here’s what Virginia homeowners can expect when selling their homes this June.
Rising Inventory Creates New Opportunities
The pandemic slowed down the entire economy, and the housing market was no exception. We saw more buyers in the market than ever before (thanks to many folks opting to move out of their apartments), but the number of houses on the market remained low.
That’s changing now. Lockdowns and mandates are being lifted across the country, the number of vaccinated Americans is increasing, and an economic recovery is well underway.
The market recovery has already begun to show results. In April 2021, close to 33% more homes were listed compared to the previous year. Furthermore, a recent survey revealed that 45% of potential sellers plan to list their homes this month.
So, basic economics would suggest that with a larger supply of homes, demand would decrease, and therefore prices would also decrease, right? Usually, yes. But this month, that might not be the case.
Home Prices Will Stay Strong Despite Increased Inventory
It has been a seller’s market for nearly a year now. Last year, many prospective homebuyers became discouraged by fierce competition and rising selling prices. They decided to put off their purchase until this year.
Well, it IS this year now. We believe their pent-up demand will be unleashed as homes hit the market this June. That means prices should stay competitive throughout the summer months.
Another factor contributing to the strength of prices is the material shortage. Fewer new construction homes can be built right now, and the asking prices are higher than many first-time buyers can afford. Once again, this creates a hotter market for those selling their current homes.
Mortgage Rates Remain Favorable for Buyers
What about interest rates? While they aren’t quite as rock-bottom low as they were in the middle of the pandemic, they’re still very attractive compared to historical averages. Two weeks ago, the interest rate on a 30-year fixed-rate loan was 3.13%âwhich is 20% lower than rates in the years before the pandemic.
All of this points to an increase in buyers to match the increase in inventory. The result? Prices should stay relatively strong through June and beyond.
What June’s Market Trends Mean for Virginia Home Sellers
Bottom line: It’s an incredibly good time to sell your Virginia home. But timing matters. Here’s why you should act now:
- High buyer demand is meeting increased inventory
- Competitive home prices are still the norm
- Low mortgage rates are keeping buyers active
- Summer selling season brings maximum buyer activity
- Material shortages are limiting new construction competition
The market conditions are aligned perfectly for sellers who are ready to move. However, with more homes coming to market, standing out from the competition matters more than ever.
How RENOMAX Can Help You Sell for Top Dollar
We’re experts in renovating and selling homes quickly in Virginia’s competitive market. Our unique program allows you to make strategic pre-selling renovations with zero out-of-pocket costs until closing. That means your house can compete with the best properties on the marketâwithout requiring upfront investment.
In this competitive market, properly renovated homes are receiving multiple offers and selling for well above the asking price. Our clients enjoy an average of $53,090.95 in additional cash at closing compared to selling as-is.
But the time to act is now. Summer is the peak selling season, and you want your home on the market while buyer demand remains strong.
Ready to Get Started?
Call us at (540) 737-5617 or request your free home value assessment today.
Good luck out there!
Contact Us:
- Phone: (540) 737-5617
- Email: info@renomaxva.com
- Address: 24 Synan Rd, Suite 117, Fredericksburg, VA 22405
Renovate. List. Sell. For More!
