Whenever you ask yourself why is my house not selling in Fairfax, there is a number of reasons you should consider. One of the most common reasons is a lack of knowledge about the market. The best way to learn about the market is to hire an experienced real estate agent. This person will be able to show you how to price your home for maximum selling potential.
price is too high
Buying a Fairfax house can be a tricky proposition. While Fairfax is known for its award-winning schools, parks and vibrant neighborhoods, its housing market is somewhat competitive.
A recent buyer said she had to navigate a complicated and competitive local housing market. The couple were looking for a townhouse near Pentagon City, but they had a $500k budget. After a number of unsuccessful searches, they found a house in Fairfax County with a 2,000 square foot floor plan. The couple bought the house in April.
While Fairfax is known for its award-winning parks, it is also a part of the Washington metropolitan area. It is home to many events that draw thousands of tourists, contributing to its economic prosperity.
The housing market is still strong, but it is slowing down. In August, pending sales were down 30% from a year ago. The housing market is still competitive, but buyers may have a harder time securing a mortgage.
The price of homes in Fairfax, Virginia, has increased by 5% over the past year. The median list price per square foot is $310, which is above the Washington metropolitan area average.
missed the market’s peak
Despite the current lull in activity, the Fairfax county market is still expected to be a seller’s market in the near future. In the grand scheme of things, a single-family home sale is expected to drop 5.5 percent in the sweltering summer heat. The townhouse sector is projected to post a median sale price of $594,187.
Typical Fairfax County single-family home seller did a bit better in late spring. This was mainly a function of an oversupply of homes for sale. But the lull in activity is expected to be short-lived. The good news is that it isn’t as hot as it was a couple of months ago.
The real estate market is a roller coaster lately. It was a wild ride for most of the past two years. But a COVID weather event is set to tame things down a bit. The aforementioned small-scale weather event, and other factors like a record-high inventory level should see things back to normal by the end of the year.
The big question is: When is the best time to sell your home? The aforementioned COVID weather event should entice sellers to put their best foot forward, but the stalemate should be short-lived.
Whether you are a first time home seller or an experienced real estate professional, you can sell your home faster and for more money with the help of an experienced Farifax real estate agent. An agent will know the ins and outs of selling your home, from marketing and promoting the property to negotiating with buyers and closing the deal. You will also have access to a wealth of information on the local real estate market.
FSBO (For Sale By Owner) homes in Virginia sell for 6% less than homes listed by an agent. In fact, some homeowners find that the process actually saves them money. To sell your home on your own, you will need to know the local home prices, perform some basic maintenance, and have a system for scheduling showings. These tasks are all necessary to attract potential buyers.
You will also need to learn the legal documents pertaining to the sale of your home. These documents include a purchase and sale agreement, a home inspection, and HOA forms and guidelines for your community. You will also need to pay closing costs, which include recording fees, settlement fees, transfer taxes, and title insurance. These fees can vary depending on the location of your home.
Too much competition
Getting a house to sell in Fairfax County is no easy task. Homes are competing against each other for a limited number of buyers, and they’re competing for buyers’ attention. While fewer homes are being listed, they are still selling quickly. In June, half of all homes sold in seven days or less. While this can be a good thing for buyers, it can also be a disadvantage for sellers.
Competition for buyers is especially high when the cost of homes is high. The price of a home in Fairfax County has risen more than any other metro on the East Coast, and that trend has continued through the years. Home prices rose 3.8% last year, and the average sale price per square foot is $81.1% higher than last year.
Despite rising rates, some buyers are still returning to the housing market. Prices have not yet risen to the point that the average home buyer is able to buy a home with a significant down payment. However, interest rates are expected to continue to rise, and buyers will face a greater stress load due to the rising cost of home loans. This could affect the broader economic development of the area.
Del Aria Investments & Holdings
11166 Fairfax Blvd Suite 500, Fairfax, VA 22030