Looking at the current trends, it is definitely a seller’s market. In October 2021, the median home selling price in Washington County, VA was $199,900, while the median home price in Sullivan County, TN was $189,750. These numbers are compared to $220,000 in Washington County, VA and $169,000 in Sullivan County, TN during the same time in 2020. These stats speak for themselves, and we currently have more people looking to purchase than houses for sale.
The high buyer demand is also resulting in quicker home sales. The median days on the market for Washington County, VA was 53 in October 2021 compared to 105 at the same time last year. Whereas, in Sullivan County, TN, homes spent 50 days on the market in October 2021 compared to 53 in October 2020. Therefore, if you’ve been thinking about selling, it is a hot market, and it’s unknown when the trend may shift. We understand that there are several things to consider when deciding to sell your home in Abingdon, VA or Bristol, TN/VA and we would enjoy discussing your options.
What Happens if Your House Sells?
In the current market, your home has likely increased in value. Therefore, you may want to cash out on the equity gained before the real estate market changes. Since it is a personal decision when choosing to sell your home, we encourage homeowners to look beyond the potential return of investment. Many people don’t solely base their decision to purchase a home on the amount of money one could make when it sells. You also consider the location, layout, and quality of the house. However, while selling may be a good idea for your future goals, there are other factors to think about when selling your home in a hot market.
If you are selling your home just to take advantage of pocketing the equity, it is important to remember that the home prices will be the same when you purchase. Therefore, you won’t likely be able to buy another place right away for less money. While you may make money on your home sale, houses in the local area are still skyrocketing in price. To decide if selling makes sense for you, you should consider if you can live somewhere for less money than your current mortgage payment or trending rent prices.
Renting After Selling Your Home
If you’re planning to move out of the area in the near future, selling now and cashing in on your home’s equity may be a smart move. After you sell, you could rent until you relocate to get the most bang for your buck in the current housing market. While doing this can reduce the hassle when you’re ready to move to your new city, the high home prices in Southwest Virginia and Northeast Tennessee have also resulted in higher rent prices.
Average rent prices for the tri-cities area range from around $515 to over $1,000 per month. Also, depending on the amount of space needed for your housing needs, renting could result in paying more for the space than staying in your current home or purchasing.
Buying Another Home After Selling
If the main purpose for selling your home is to purchase another one, it is best to take a closer look at your financial situation before making a final decision. Talk with a mortgage lender to understand what is involved with changing homes to ensure you are financially ready for your moves. Also, note that simultaneously buying and selling a home can be challenging and stressful, so you should be prepared emotionally.
Deciding to sell your home is a major decision, and you must weigh all the pros and cons before moving forward. Don’t only rely on the Zillow “Zestimate” for determining how much you could sell for in today’s real estate market. Talk to a local REALTOR to discuss this information because they will have the most insights about your home’s value in the current market and understand the demand seen for similar homes. They can give you the details about listing your home and the steps they’ll take to effectively market it to potential buyers.