Is now a good time to sell? This question gets asked all the time, so let’s look at what the numbers say:
WASHINGTON (June 27, 2013) – Pending home sales rose in May to the highest level since late 2006, implying a possible spark as mortgage interest rates began to rise, according to theNational Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 6.7 percent to 112.3 in May from a downwardly revised 105.2 in April, and is 12.1 percent above May 2012 when it was 100.2; the data reflect contracts but not closings.
Find out what's happening in Ashburnfor free with the latest updates from Patch.
Contract activity is at the strongest pace since December 2006 when it reached 112.8; pending sales have been above year-ago levels for the past 25 months.
Find out what's happening in Ashburnfor free with the latest updates from Patch.
Time To Sell
So what does this mean for someone who is thinking about selling their home? You may be thinking “Should I sell?” or “When is the best time to sell?” The article goes on to mention this: “the national median existing-home price expected to rise more than 10 percent to nearly $195,000.” The first half of 2013 has proved this true especially for Northern Virginia in Loudoun County.
According to the Federal Reserve, “House price increases of 10 percent or less would be sufficient for about 40 percent of underwater homeowners to regain positive equity” which provides a hopeful outlook for many. It is predicted that these home sellers will remain within a similar housing market or perhaps downsize to something more affordable.
There are about 197 properties on the market in Ashburn as of June 23 2013.
The great news for potential sellers is that currently the housing inventory is on the low-end and houses are being snatched up at top dollar. If you are thinking about selling in the near to immediate future, contact me today for a free home valuation and a personalized plan to get you the most of what your home is worth!
