Whether you own a home in Norfolk or Norton, it looks like a great time to sell that property in Virginia. Median sales prices here jumped to more than $397,000 in June 2022 — about 7 percent up from the same time one year ago, according to data from Virginia Realtors. Plus, you probably won’t have to wait too long for someone to snap up your property: Homes are typically spending just 22 days on the market across the state.
However, selling your house in Virginia isn’t necessarily an automatic slam dunk. You’ll need to get familiar with legal requirements in the commonwealth, understand what it costs to sell a house and put together a pricing strategy to attract buyers who are dealing with rising mortgage rates. Read on for everything you need to know to sell your house in Virginia.
Are you ready to sell?
Before you list your home in Virginia, have a plan in place for where you’re moving next. If you’re downsizing or moving to a more affordable location, it’s a great time to sell; you’ll be able to put your profits to work for your new lifestyle. However, if you’re looking to buy a similar-sized property in a place where the cost of living is even higher, you might be wondering if it’s smarter to sell now or wait. The answer will ultimately come down to your personal circumstances and budget.
If you’re waiting it out with the expectation that your home value will continue surging, you might not want to delay any longer. In July, Denise Ramey, president of Virginia Realtors, noted that conditions are signaling some potential headwinds for sellers. “The slowdown we’re seeing in sales is due to more buyers pressing ‘pause’ on their home search,” Ramey said in a statement. “The lack of inventory paired with the rise in interest rates have created a more challenging environment for home buyers.”
Translation: If you’re ready to sell, it’s time to make your move.
Preparing to sell
Once you’re ready to get your home on the market, make sure it’s ready to impress prospective buyers. Consider these three questions:
1. Is it worth upgrading your home before you sell?
Major projects, like kitchen remodels and basement build-outs, mean two things: money and time. So, instead of investing a major chunk of cash in the hopes that it will help you sell for a higher price, ask a real estate agent for perspective on whether it’s worth it. The answer is likely no, simply because most big home improvement projects do not recoup …….