If you live in Loudoun County, you know the real estate market is hot, hot, hot. We’ve seen just about everything under the sun this spring: houses selling in 24 hours, crazy bidding wars and offers on homes that aren’t even on the market. Housing prices are up all over Northern Virginia, and Loudoun is in high demand. In short, it’s a tough time to be a buyer and a terrific time to be a seller. If you’re considering a move, it’s an ideal time to sell your house in Loudoun. But make sure you have a plan in place for moving forward.
What Are Some of The Factors In Loudoun’s Real Estate Boom?
With its excellent location close (but not too close) to Washington DC, we know that Loudoun is a fabulous place to live and raise a family. Here are some of the factors in Loudoun’s super hot market:
- Low mortgage rates: With mortgage rates between 2 and 3 percent, buyers are hungry to get into homes in sought-after locations like Loudoun.
- Low inventory: Loudoun has a historically low supply of homes in the pipeline. Once one of the fastest-growing counties in the US, new construction in Loudoun has slowed dramatically since the recession of 2009. The housing supply can’t keep up with demand, and prices have risen accordingly.
- Sellers become buyers. These sellers are having a problem finding a new house to buy. The urgency to find a new home is adding to the “over list price” phenomenon.
- The rise of telecommuting: The COVID pandemic has changed the way we work and live. With more businesses and government agencies incorporating telecommuting into their organizations, employees take advantage of the quality of life in farther-away suburbs.
- Loudoun’s high quality of life, excellent schools, entertainment and agritourism make it a highly desirable place to live. Simply put, the market is hot because people want to move here.
What Are The Advantages of Selling In 2021?
Here are a few of the reason selling your home in Loudoun might make sense:
- We’re in a solid seller’s market in terms of price. According to Realtor.com, the median home listing price in Loudoun is $619,000. In May of this year, houses were going for 3.1 percent above the asking price on average.
- With fewer new homes going up, the market for existing homes is on fire. Even smaller, older homes are selling at remarkably high prices.
- The seller controls negotiations in a low-supply market. We’re seeing more sales with no contingencies (like demands for repairs or contracts linked to the buyers selling their current home). Buyers are also waiving inspections and appraisals to snag a home in a desirable location. The seller calls the shots.
Loudoun County: Should I Sell Now or Hold Off?
For many Loudoun residents, 2021 is an ideal time to sell. If you’re an empty-nester or retiree, now may be the time to make it happen. If you’re looking to change locations and move somewhere with a lower cost of living, the timing is perfect. Folks sell their homes and get more bang for their buck out of state or in neighboring jurisdictions. However, if you need to stay in Loudoun because of children in public schools, aging parents or work reasons, it may make sense to hang on to your existing home. Prices are high on just about everything, including rentals. So it may make sense to wait it out if you have strong ties to Loudoun in the short term. Thinking of selling but need some help navigating this supercharged market? Yvonne Holland is a long-time Northern Virginian who has made her home in beautiful Loudoun County for nearly three decades. Recently selling and moving to Frederick County, Virginia, Yvonne has an excellent grasp on both ends of this experience. Plus, she has a unique appreciation for the many terrific elements that make Loudoun so desirable and can market your house appropriately. Yvonne knows the territory and understands recent market trends. She’s completely equipped to help sellers make the most of their most valuable asset: Loudoun County real estate.