Does the Northern Virginia Market Favor Buyers?

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Because the weather has been miserable with near-record days of rain, we've seen fewer showings than we did earlier in the spring. Hang in there though, because we've still got plenty of buyers and low inventory.

Compared to last April, both sales and units sold were up 8.99% and 6.6%, respectively. The average for days on market dropped from 53 to 51.

This April compared to last April, the number of new listings was down. Additionally, closed sales this April shot up 24.7% from the month before. In Loudoun county, the number of units sold fell 1.42%, but the average for days on market improved to 49 days this year from 68 last year. Nationally, home prices are up 6%, and up 2.6% compared to last year.

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HOMEOWNERSHIP IS A GREAT INVESTMENT, BOTH FINANCIALLY AND EMOTIONALLY.

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Looking ahead to future projections, waiting until next year could cost you almost $200 more in your mortgage payment. This proves why homeownership is a great investment both financially and emotionally. Harvard University's Joint Center of Housing Studies recently released a study showing the top reasons why.

Financial Reasons:

• Financially, housing is typically the one leveraged investment available, because you're paying for housing, whether you own or rent.
• Housing is usually a form of forced saving.
• There are tax benefits to owning.
• Owning is a hedge against inflation.

Emotional Reasons: 

• Owning a home is a good way to build wealth that can be passed along to your family.
• You have an actual structure providing space and safety for your family.
• You have control over your space, like renovations or updates.
• Owning a home provides a place to raise children and give them a good education.

Although rates are still low, waiting to buy could be costly for your monthly mortgage payment. Call your lender today and get pre-qualified. If you have any questions about real estate in Northern Virginia, please don't hesitate to reach out to me!

Northern Virginia Real Estate Market Update

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The Northern Virginia real estate market got off to a hot start in 2016. The blizzard might have set us back a couple days, but the market is still doing very well. My team and I put a house on the market just before the snow started and it went under contract in 5 days. Buyers are still out there even though inventory is low. Here’s the scoop on the Virginia real estate market:

Sales in December 2015 increased by about 1% with 2,845 closed transactions. Pending sales were up from 2014 by 9.5% to 2,230. New listings were also up 5%, but active listings are down by 0.8%, resulting in low inventory.

In December, there were only 2.32 months of inventory on the market, which is very low for the region. According to the National Association of Realtors, housing inventory levels across the country have seen a downward trend since 2011.

Despite low inventory, real estate was the best investment in 2015, getting property owners a 6.8% return. Overall, 88% of the population feels homeownership is a good financial decision. 

While real estate is a great investment, most people want to buy real estate to have a home of their own or a place to raise their family. However, buyers are concerned about low inventory, saving for down payments, and rising interest rates. First time buyers will be the most affected if interest rates rise.

If you are thinking of buying a home, keep in mind that it takes 49 days to close on a loan.

What does all of this mean? Our real estate market is strong. There is high demand for homes and low supply. If you’re waiting for May, June, or July to sell your home, you might want to reconsider. Get on the market now. Buyers are looking, and you’ll beat the competition.

As a buyer, get with a lender and get pre-qualified. You might want to wait for spring for inventory levels to rise. However, if interest rates do go up, that home you can afford today might be too expensive in a couple months. Don’t miss out because you weren’t sure what to do.

If you have any questions, give us a call or send us an email. We would be happy to help you!

Is Now the Time to Buy in Northern Virginia?

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Today we have got the latest market update for you for Northern Virginia, and we are excited to share the great numbers we have been seeing. Here’s what’s been happening in the Northern Virginia real estate market:

• New pending contracts increased 14% from August of 2014
• Inventory was up as well, for the 25th consecutive month.
• There were 4,418 new listings added in August, a 1.5% increase over last August
• Our current active inventory in Northern Virginia is high, and sits at 10,599
• The median sale price of $430,000 stayed pretty similar to last year
• The average days on market is up 8.89%

So, we are entering the fall market with high inventory and the days on market increasing. However, buyer demand in Northern Virginia continues to increase, while significant gains in new contracts and closed sales continues to be a trend. 

 Our market is still very strong and continues to improve every year. If you are on the fence about buying now, just know that an impending increase in interest rates could push you out of the price point that you could afford today.

So don’t wait, get prequalified today. If you don’t have a trusted lender, we have plenty that we can refer to you. If you have any questions for us at all, give us a call or send us an email. We look forward to hearing from you!

Important Northern Virginia Real Estate Market Data

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The latest real estate numbers for Northern Virginia just came out, so I wanted to take a second of your time to update you on them. 

• New pending contracts increased by 9% from 2014
• The 4,308 new pending sales was just above our five-year average
• The number of closed sales increased by 17% to 3,118
• Inventory went up for the 21st consecutive month, and we have 9,522 listings right now
• Median sales price of $425,000 remained the same 
• Half of the homes sold in April were on the market for 53 days or more

In summary, the spring market is here, and we have a very large amount of inventory. Buyer demand is continuing to improve, so it's a great time to buy or sell, especially when you consider that interest rates are still sitting at historic lows. 

Please don't hesitate to contact me if you need any help buying or selling real estate in Northern Virginia. I am always more than happy to help you!

How Can You Take Advantage of Our Local Market?

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Real Estate Business Intelligence, which studies our local real estate market with the George Mason University Center for Regional Analysis, has just released some numbers for our market.

• New pending contracts increased by 13%
• The number of closed sales increased by 41.2%
• There are 8,000 active listings, which is a 26.6% increase over this time last year
• Our median sales price of $415,500 is a 4% increase over last year
• Our average days on market is sitting at 67 days, which is a two week decrease from last March
• Buyer demand continues to improve, and seller activity is also beginning to pick up

 On top of all of this, mortgage rates continue to be very low, so it is a phenomenal time to purchase a home. If you're looking to buy or sell this spring, now is the time to get prepared. You don't want to miss out on this market! 

Contact me now for a free home consultation! I would love to help you sell your Northern Virginia home.