In this ever-changing Alexandria Real Estate Market, it’s sometimes hard to sync your life season with the best time to ‘move on’ from your current housing situation. I’m here to give you my market predictions and why now might be the time to cash in your chips.
Interest Rate Decline: We are expecting to see an interest rate drop to the 5% range starting around May (or sooner). When this happens, it will increase demand dramatically (picture an Apple store giving away a free iPad on Black Friday kind of vibe). (Article Contd. on Page 3 )
Low Inventory Housing Market: This year, we are in a low supply real estate market. Meaning, we do not have enough homes to sell to the buyers who want to purchase them. What does this mean for homeowners? You guessed it, we are in a seller's market - i.e., higher price points, waived home inspections and appraisal contingencies, and shorter days on the market. Sellers (you) are calling the shots!
Large amounts of equity: I read a stat yesterday that 25% of retirees, nationally, use the proceeds from the sale of their home to fund their retirement. Moving somewhere with a lower cost of living frees up funds. Let's say a homeowner sells her house in Denver for $600,000 and moves to a similarly-sized house in Florida costing $400,000. That means she's cashing out to the tune of $200,000 — 50% of the value of the new home. This isn’t just the case for retirees. In Huntington, you could have up to 100k of built-up equity even if you purchased just 4 years ago! I’m happy to provide an equity review anytime for you!
Election Year: As we all know in the DMV, election years create a sense of uncertainty, not only in the political sector but also for the real estate market. With the election on the horizon for the Fall, the first half of the year is probably the most strategic time for you to list your house.
Long-Term Property Maintenance: Let’s face it, the homes in Huntington need a lot of upkeep. They were built in the 40's for heaven’s sake! There may even be problems you aren’t even aware of right now that are only getting worse by the day. If your home feels like it is too much of a burden or the cost to remediate or renovate is just too much to handle right now, it may be the perfect time for you to make the move to something more low-maintenance. Don’t get me wrong, the charm of these homes is unbeatable, and yet, as a Huntington homeowner myself, it can be very daunting when things start to break! Most of the time, it is not necessary to get EVERYTHING fixed prior to listing your home. There are many options out there that we can customize for your needs.
