Navigating Virginia's Property Market as a Home Seller: Tips for Success

In 2024, selling a house in Virginia requires a strategic approach in a changing real estate market. The Virginia housing market is currently characterized by relatively flat sales but significantly rising prices, with the median sales price jumping 10.3% year-over-year to $419,200 in September 2024. In many regions, this significant increase will be the biggest since spring 2022—  a robust seller's market. Sellers must use premium marketing materials, set competitive prices for their properties, and collaborate with seasoned real estate agents who are aware of the specifics of Virginia's luxury house market. In Virginia's changing real estate market, homeowners can increase their chances of a successful and lucrative sale by adjusting to these market changes and using astute marketing techniques. 

Establish Existing Market Trends

Virginia's housing market is showing some interesting trends:

• There has been an obvious rise in the median number of sales and the median sales price was recorded to be $419,200 an improvement of 10.3% over the previous year.

• For the year, though the prices are higher, the closed sales are only slightly higher than the previous year.

• Active listings that have risen by 18.9%,  a sign of a bettering inventory situation.

• The average number of days to sell has also risen to 14 as compared to 10 one year back, which also depicts a little less hot-selling property market.

• This knowledge is particularly important because it helps to prevent misconceptions and the formation of distorted pictures and establish an optimal selling plan.

Price Your Home Strategically

In a given market that has a growing tendency towards charging high prices, it is sometimes understandable why one would set high prices for their home. However, strategic pricing remains crucial:

• Hire a local real estate agent to help you use a Comparative Market Analysis (CMA) to identify a reasonable price to ask for your home.

• It may be important to price slightly lower than the average though in the hopes of creating awareness to call for a bidding war.

• Be ready to change your price if need be. Experienced homeowners know that the average time of home’s stay on the market is around 14 days and if it lasts longer, someone has to revise the price.

Enhance Your Home's Appeal

With more inventory on the market, making your home stand out is more important than ever:

• Focus on curb appeal. And there’s nothing like a positive first impression to give your house and your neighborhood a pleasant and professional facade.

• Remove as many unnecessary personal artifacts from the inside of your home as possible. This assists the prospective buyer in creating an image of the house that fits their needs

• Focus on repairs that stand out.  You can limit them to simple cosmetics that can create a huge difference in the eyes of the buyers, i.e. painting among others or consider a full renovation if your realtor suggests you can net more.

• Emphasize features that would be of unique advantage in Virginia, for instance, adding a guest suite above the garage to utilize the open air space efficiently.

Time Your Sale Wisely

While the Virginia market remains strong year-round, there are optimal times to list:

• Generally, the activity reaches a maximum during spring and, especially, early summer. Even more, the sales activity itself rises by 34% in February and March only.

• Many experts will suggest to list in the springtime as that is traditionally the time when most buyers are looking to move. However, you should list the home when you yourself are ready to move, regardless of the season. Always consult with a realtor beforehand to analyze the pros and cons of timing.

Engage Local Agents with Expertise

The value of a skilled real estate agent cannot be overstated:

• Using an agent, the sellers realize 33% more on average than the “for sale by owner” sellers.

• A local agent will have adequate industry knowledge of the Virginia market and the needs of the consumers in the market. They will also be able to provide local market knowledge, information that is not readily available online.

• They can assist in areas of pricing, promotion, negotiation, and more importantly, the never-ending paperwork that is attributed to a sale.

Prepare for Disclosure Requirements

Virginia is a "buyer beware" state, which means:

• You don’t need to look for a new issue that would be reported.

• Indicate the truth about certain concerns if the buyer asks you a question.

• Be ready to submit any documentation regarding HOAs, Condo Association Disclosures, and Lead Based Paint Disclosures. Unless you are aware of a defect in the home, you do not need to disclose anything else.

Hire a Professional Staging and Photographer

With more inventory available, presentation becomes increasingly important:

• It’s important to hire a professional stager to go through your home and help make it look perfect for inquiring buyers.

• Photography and virtual tours of the listed property will go a long way in the online market, where most potential buyers begin.

Be Flexible with Showings

In a market where homes are staying on the market slightly longer, being accommodating with showings can make a difference:

• Be ready and agree to leave  your home at any time for showing purposes. For the first weekend, it may be best to go on a mini vacation to make it easier on yourself and buyers.

• Allow for evening or weekend showings so that working buyers can come through at their convenience.

Leverage Online Marketing

With the rise of digital house hunting, a strong online presence is crucial:

• Higher chances of getting clients are realized if your listing is visible on reputable websites.

• You might also want to have a separate Website or page on social media for your property.

• Stay on top of trends and avoid rapid updates to economic sectors that are dependent on such alterations and house buying is among these sectors.

Be Prepared for Negotiations

With more inventory and slightly longer days on the market, buyers may feel more empowered to negotiate:

• The list price is seen as negotiable to buyers; be prepared for not getting offers at the list price necessarily.

• Sometimes buyers negotiate other terms in addition to price, such as the closing date, and other contingencies.

• Always consult with your real estate agent before making any decisions because the contract can be complicated and nuanced.

Understand the Closing Process

Familiarize yourself with Virginia's closing procedures:

• It helps to have all your identification, a copy of the purchase contract and closing statement, and the signed deed.

• Be aware of any other papers you may require for instance the HOA forms or evidence of repairs done.

• It may be wise to get a real estate attorney to go through all the documents and be on the lookout for your side during closing.

Stay Informed About Market Changes

The real estate market can shift quickly, especially given recent changes in the industry:

• It also helps to read any info that might potentially influence the market state such as changes in mortgage rates or the appearance of new regulations.

• The most recent change by the NAR has eliminated buyers’ agent commission from the MLS and now they appear on the contract instead.

Conclusion

Selling a home in Virginia's property market in 2024 entails the art of thinking, foresight, and adaptability. By determining the current market trends, correctly setting the right price for your home, staging your home, and getting professional assistance you stand a good chance to sell your home. Just a reminder, every market has its prospects – the key point is to learn how to take advantage of them. Ready to sell your home in Virginia? Trust Nadia Khan, Northern Virginia's premier realtor, to guide you through every step of the process. With her expertise and tailored strategies, you can maximize your home's value and achieve a successful sale. Contact Nadia Khan today to get started.