The Virginia Association of REALTORS has released information showing that more homes were sold in the Commonwealth of Virginia at higher prices in October of 2015 compared to the same month in 2014. This is a useful reminder that the Virginia housing market remains strong despite economic concerns.
McLean, VA -- (ReleaseWire) -- 12/07/2015 --On November 20, 2015, the Virginia Association of REALTORS released its Home Sales report for the month of October, which revealed a couple of interesting statistics. First, the number of home sales rose by 2.83 percent on a year-over-year basis. Second, the median sales price rose by 1.54 percent from $246,200 to $250,000 on a year-over-year basis. Combined, these statistics mean that the Virginia housing market was more active in October of 2015 than in October of 2014, which should come as welcome news for those who are concerned about an economic slowdown.
For homeowners who want to sell their homes but plan to wait out the winter, this could be a sign that selling now rather than later might not be a bad idea. After all, wintertime conditions create both risks and opportunities for home sellers, meaning that the right choices can still lead to the right results even in the coldest season. For example, fewer home sellers in winter means less competition. This may benefit sellers because there will be buyers with time constraints who cannot wait until next Spring.
However, there are other reasons to believe that selling now rather than later might be advisable. For example, many homebuyers are probably choosing to buy homes in the near-term because interest rates on the average 30-year fixed mortgage remain around 4.0%. Moreover, there appears to be some consensus that the Federal Reserve will raise interest rates soon. Finally, a falling unemployment rate plus other improvements in long-term market indicators mean that US consumers are gaining confidence in the US economy, which is likely to result in continued strengthening of the US real estate market as a whole.
Those interested in capitalizing on these opportunities to either buy or sell a home can contact John Seggerman for skilled and reliable assistance.
For more information, please visit http://www.seggermanhomes.com/