When you live in Midlothian, Virginia, you understand you’re among some of the most expensive real estate the Virginia has to offer. Nonetheless, Midlothian, with a population exceeding 90,000 spanning 10 distinct communities, is the 12th largest area in Virginia. It’s clear that there will always be a need for excellent housing options in Midlothian, Virginia.
On average, residents of Midlothian, Virginia prefer four-bedroom single family homes built between 1970 and 1999. Homes are carrying values that range from $277,500 to $349,990, with averages falling in at around $285,000 and between $130 and $140 per square foot.
Home inventory continues to shift downward, meaning there are fewer homes available for buyers to choose from, which can also inflate listing prices. For buyers, this is a disadvantage because competition is fiercer amongst house-hunters. Sellers may receive more offers, and those offers could contain higher prices or fewer contingencies from competitors. However, this is a boon for sellers who experience fast sales times and high sales prices.
Although there have been no significant peaks or valleys in the real estate industry in Midlothian, Virginia recently, the summer season is winding to a close. Households are settling from post-summer vacations and preparing for back to school.
With spring being the busiest time of the year for real estate sales, and summer following with a close second, autumn is the last great push for real estate in the current year. Home buyers still dream of being in their new home by the holidays, so while the spring flurry of shoppers is no more, and back-to-school season slowed the roll, the house-hunters who remain hot on the trail are compelled by a sense of urgency – not only to settle in before the holidays, but to also earn that homeowner tax status for the next filing season. Furthermore, sellers area also motivated to sell and move on before the new year strikes.
What This Means for Sellers
The longer your home stays on the market, the more often the price drops. The more often the price drops, the more suspicious people become about “what’s wrong with the house.” This is the time of year where you need to act quickly and list your home so it stands its best chance of selling for top dollar before winter. Otherwise, you may find yourself wrestling with the number of days on market and moving into spring with a negative reputation. Buyers are becoming extremely motivated to take action, and with fewer houses available for sale, yours becomes a more empowered contender.
What this Means for Buyers
Options are becoming limited. Inventory is dropping, and the 2017 buying season is beginning to lose its steam. But there’s still time and plenty of houses for you to choose from, so get out there and stake your claim on your property. If you wait until spring, you’ll find yourself amidst the busiest real estate season of the year, with more buyers than ever competing for whatever houses may be available at that time. It’s not necessarily a “now or never” scenario, but it may well be a “now is better” reality.
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