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How’s the real estate market in Virginia? After more than a year and a half of incredibly robust activity in real estate, Virginia’s housing market is returning to normalcy.

The northern Shenandoah Valley of Virginia is a sellers’ market due primarily to low inventory, averaging under two months’ supply in four counties. Prices remain strong, and average days-on-market hovers near 28 days.

The last two years have seen booming job growth in Virginia. Employment is nearing pre-pandemic levels, and many economists predict that job growth will slow. 

Rising interest rates, higher prices, and low inventory have left many potential buyers waiting for an opportunity to get into the real estate market. Many home builders feel that negative national headlines are stoking fears and causing many buyers to hold off.

While 6% interest rates may sound daunting to those newer to the housing market, rates are historically below average. Just ask Kyle Homan of Fairway Mortgage in Winchester, VA. He’ll tell you, 

“Baby Boomers like myself once saw interest rates at 18%, Gen X witnessed 9%, and Millennials hit the high 6%. From a historical perspective, today’s rate market is well below rates trending back over 40 years.”

Experts say that Millenials and Gen Z buyers make up a large part of that potential buyer group. Millennials previously have avoided home ownership. However, now well into their 30’s, they want to buy. Gen Z seems to have more of an investment mindset at an earlier age and may hit the buyer pool simultaneously. 

While we have seen a seasonal cooling-off period in Virginia, many local agents expect the 2023 market to be strong. A well-priced property in a good location and excellent condition may still see multiple offers and may sell for an over-asking price. However, seller concessions and home inspections are back in play. 

The unique environment, rural vibe, and proximity to Washington, D.C. give the northern Shenandoah Valley of Virginia a strong appeal. The housing market here has a resiliency that outpaces national trends. In many ways, a return to normalcy is a good thing for buyers and sellers alike.

“Is The Media Keeping Home Buyers in a State of Fear?” www.nar.realtor, 8 Mar. 2023, www.nar.realtor/magazine/real-estate-news/is-the-media-keeping-home-buyers-in-a-state-of-fear.

“Virginia Economic and Housing Market 2023 Forecast – Virginia REALTORS®.” Virginia REALTORS®, 30 Sept. 2022, www.virginiarealtors.org/research/reports/other-reports/virginia-economic-housing-market-overview-sept-2022.

Preparing to sell your home involves planning and hard work. Find out how to navigate the process with these three vital steps. 

Evaluate the Timing

Many people ask when is the best time to sell my home. There is no one-size-fits-all answer to that question. The best time for you depends on your circumstances and life goals. Job relocation or the need to downsize is a far more essential factor than national real estate trends. 

However, if you have the flexibility to choose, the northern Shenandoah Valley of Virginia is currently experiencing a strong seller’s market. The region has become a destination for retirees from northeastern states. Many commuters from the DC metro area are also attracted to the top of Virginia.

Typically, May is the strongest month of the year for home sales. Many buyers are conducting their home search throughout the spring months to complete their move before the beginning of the next school year.

Falling interest rates often attract a larger buyer pool. Early economic predictions indicated that rates had peaked and 2023 would see steady or lower rates. However, inflation ticked up in January, and rates stalled or rose. There is still a good possibility we will see lower interest rates this year.

Above all, be sure you are emotionally ready for the challenges of selling your home. Are you prepared for showings and the upkeep necessary during the listing phase? What are your next steps after your home sells?

Hire an Agent to sell your home

A qualified real estate agent will research your local market. A REALTOR® brings expertise in evaluating square footage, features, and location to identify comparable properties and will use that information to determine pricing strategy. Be sure to discuss your goals and needs with your REALTOR®. 

Your agent should deliver a specific marketing plan and help you determine your net sheet. The net sheet shows the listing costs and how much proceeds you can expect to receive from the sale. Currently, many agents in Virginia offer to provide professional photos and staging. Be sure to ask if those are included.

When hiring an agent, interview more than one. Choose at least three reputable agents in your area. Consider asking these questions:

• How much experience do you have in my neighborhood?
• Do you have connections to buyers looking to live in my area?
• How much social media expertise do you have?
• How will you advertise my home?

Clean, organize and declutter

Naturally, you will want to deep clean to make the best first impression on potential homebuyers. Declutter surfaces and remove personal touches to present a clean slate. You want the buyer to be able to focus on the home, not your stuff. Check for bad smells, dusty surfaces, dirty floors, or stained carpets. Be sure to keep up with cleaning bathrooms and frequently used spaces like the kitchen. 

Make necessary repairs to be sure everything is in working order. Check for leaky faucets, damaged drywall, broken appliances, and cycling toilets. However, avoid over-improving. Often a new owner will want to personalize the home to their tastes. So, avoid trendy looks, and keep paint colors light and neutral.

Pay attention to curb appeal. The buyer’s first impression is how your home looks as they drive up to it. Be sure the landscaping is appropriate for the neighborhood and well-kept. Remove toys, lawn chairs, and other articles. Keep the grass trimmed.

If that sounds like a lot to keep up with, hire help. Your REALTOR® can help you find a housekeeper, carpet cleaner, plumber, electrician, landscaper, staging service, or other professional.

Ultimately, your real estate agent can help you navigate all the steps when you want to sell your home.

White, Marian. “Do These 11 Things Before Putting Your Home on the Market.” Moving.com, 1 July 2022, www.moving.com/tips/how-to-get-your-house-ready-to-sell.

—. “When Is the Best Time to Sell a House?” Moving.com, 19 May 2020, www.moving.com/tips/when-is-the-best-time-to-sell-a-house.