Understanding the housing market is essential to both homeowners and prospective buyers. Knowledge of the property market will help you time a sale or a purchase when the condition of the market seems favorable. For example, buyers may want to take advantage of a dip in the property market, while sellers will want to take advantage of a price surge.
Though there are several realtors to help those who aren’t savvy with the housing market, it would still be beneficial to understand some fundamental aspects of real estate. In the USA, the real estate market has different trends depending on the state and even the season. In a single state, different cities will have property values peak and drop in different months.
Williamsburg is one of the many cities that have undergone different changes in market trends, especially in the past year. Housing marketing in the region has had a positive trend over the years as the demand for houses has increased. With this in mind, if you have a property in Williamsburg, you could opt to avoid a tedious selling process by selling a house for cash Williamsburg, but to get the best prices, you may still need to take a comprehensive look at the housing market there.
Williamsburg Housing Market
The housing market in Williamsburg realized a median listing price of about USD$392,000 as of August 2021. This new price indicated an added increment of about 6.5% from last year, which could be due to the fact that the market has stabilized as the economy is recovering from the COVID-19 pandemic.
In the same period, the sale-to-list ratio was almost the same, as the houses were sold for almost the same prices they were listed for. The exact ratio between selling and listing price indicated an almost balanced market, with the same amount of demand and supply. However, a few of the houses sold were higher than their listing price, which indicates that it was a favorable period for sellers as well.
As of the third quarter of 2021, a house in Williamsburg takes an average of about 47 days to sell. This number has decreased significantly from previous months like June, where on average, it took over 100 days to sell a house. In August 2020, it took about 75 days for the houses in Williamsburg to sell, before the market experienced a dip in demand, leading to more days for the houses to be in the market.
Single-family homes accounted for the highest number of properties put up for sale, at about 42.2%, and apartment complexes accounted for about 30% of the housing market. Of these homes, 39% were constructed between 1970 and 1999, while about 27% were constructed between 2000 and now. The rest of the houses were constructed before 1970.
Renters comprised the highest number of people looking for and living in houses in Williamsburg, forming about 65.2% of the market, while those who were looking to buy or who already owned houses formed only 35%.
The Right Time To Sell
Timing is crucial when selling your house. As seen above, in Williamsburg, there’ve been changes in prices in the past year, as well as in the number of days it takes for a house to sell. Thus, if your timing is good, you can ensure that you can get the best prices and spend the least number of days in the market.
Here are some tips to help you determine the right time to sell your house.
1. Consider Mortgage Rates
Most sellers may not be concerned about mortgage rates, as it may seem like they’re not directly affected by it. However, you should know that mortgage rates affect buyers who may be interested in purchasing your home. Therefore, you may want to consider listing your home around a time when mortgage rates tend to drop or when lenders have offers. With more favorable borrowing terms for buyers, you’re more likely to sell fast.
2. Follow The Trends
As in most cases, the trends in the property market in Williamsburg will follow a similar pattern to preceding years. Although the pandemic may have slightly affected the housing market, the third quarter of last year was a good time for sellers, as it indicated the same pattern despite lower demand.
Watching the trends and reading news about the latest developments that may affect the real estate industry will play a significant role in determining if you should sell or wait. If you’re unsure about the trends and how you can time the sale, you can engage realtors to help you with the selling process.
3. Consider The Month
As discussed earlier, it took less days for a house to sell in August than it did in June, so you may find that your house will sell faster in the third quarter of the year than the other quarters. Therefore, if you’re preparing to sell, all preparations, such as renovations, should be done before the third quarter.
4. Consider Your Personal Needs
Selling a house is also dependent on your personal needs and goals. This could involve moving into a bigger house or moving to a different city. You may even opt to rent a house instead of owning one. If your needs require you to sell your house right away, you can do so to avoid going through too much trouble. However, if you can wait a few more months before selling, perhaps you should, as that could mean getting better prices for your home.
Conclusion
There are so many aspects of the Williamsburg housing market that need to be understood before you consider selling or purchasing a house. The trend has changed over the past year, with slow demand affecting the Williamsburg market in the last quarter of 2020 and the first two quarters of 2021. However, the third quarter of 2021 is showing positive signs of an upward trend, with very few days that houses stay in the market. If the economy stabilizes completely, the housing market in Williamsburg will likely reach new peaks in prices and demand.