Ask McEnearney: Should I sell my home in Northern Virginia, despite expected mortgage interest rate rises?

This week’s Q&A column is sponsored and written by Hope Peele of The Peele Group and McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact The Peele Group at 703-244-6115 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.

Question: Should I still sell my home in Northern Virginia, despite expected mortgage interest rate rises?

Answer: The real estate market is constantly evolving, and one of the most significant factors that influence it is mortgage interest rates. Recently, there have been indications that these rates are expected to rise. For potential home sellers in the Northern Virginia area, this might raise concerns and create a sense of urgency. However, there are compelling reasons why you should still consider selling your home in this region. In this article, we will explore the upcoming changes in mortgage interest rates and why they should not deter you from putting your home on the market.

High Demand in Northern Virginia

Northern Virginia has always been an attractive destination for homebuyers due to its strong economy, and proximity to Washington, D.C. This constant demand for homes in the area creates a competitive market that can work in favor of sellers. Even with fluctuating interest rates, the high demand for homes in Northern Virginia is likely to persist, ensuring that there will always be interested buyers.

Urgency Among Buyers

Anticipated rises in these rates might create concerns among potential buyers in the Northern Virginia area. However, although it might seem counterintuitive, rising interest rates can create a sense of urgency among buyers. Those who wait for rates to drop might find themselves in a more competitive market when they finally decide to make a purchase. Acting now allows buyers to capitalize on the current stability and secure a property before rates increase further, potentially saving them money in the long run.

Creative Financing Options

While interest rates could be on the rise, creative financing options can still make homeownership accessible for buyers. Mortgage lenders are continually innovating to offer various loan programs that cater to different financial situations. By working closely with a knowledgeable real estate agent, you can connect with buyers who have access to these financing options, making it easier for them to purchase your home despite the changing interest rate landscape.

While the prospect of rising mortgage interest rates might create some uncertainty, the Northern Virginia real estate market remains robust and full of opportunities. By leveraging the high demand, your property’s equity, the attractive investment environment, creative financing options, and expert guidance, you can confidently sell your home and embark on your next real estate adventure. Don’t let the changing interest rates hold you back; now might be the perfect time to make a move and secure a lucrative deal for your property in Northern Virginia.

Navigating the real estate market, especially during periods of changing interest rates, can be daunting. That’s where experienced real estate professionals come in. Working with a skilled agent who understands the local market trends, buyer behavior, and financing options can give you a significant advantage. They can help you strategically price your home, market it effectively, and negotiate the best deal for you, ensuring a smooth and profitable selling experience — regardless of the market.

Hope Peele is a licensed real estate agent with McEnearney Associates, Inc. in Alexandria, Virginia. She grew up in Old Town and currently lives in Del Ray. As a partner with The Peele Group, Hope is dedicated to guiding her clients successfully through the many-faceted process of buying or selling a home. Contact Hope at 703-244-6115.

If you would like a question answered in our weekly column or to set up an appointment with one of our Associates, please email: [email protected] or call 703-549-9292.

McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314. www.McEnearney.com Equal Housing Opportunity. #WeAreAlexandria