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!

Why You Might Want a Home Warranty

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Buying and selling a home is a stressful process and lots of different things can go wrong. However, a home warranty can solve a lot of these problems. Here are a few reasons why I believe that a home warranty is a good option.

• Base plans protect systems and appliances: This is always a good thing to have, and it should provide a lot of peace of mind for you. You can also upgrade your package so that more of your belongings are protected. 
• Products are tailored to your geographic area: Maybe you live on a flood plain, or in an area that's prone to fires. Wherever you are, the warranty will cover your specific area's needs.
• Service guarantee: Warranty companies provide great vendors that always do their best to provide excellent customer service. I've also seen that most claims made on warranties are handled quickly and efficiently. Sometimes, if they cannot respond fast enough, they'll allow you to hire a local contractor.
• Peace of mind: The biggest advantage of a home warranty is the peace of mind it allows you to have when you move into a new home. On average, every homeowner goes through two mechanical failures every year. If you have a warranty when something goes wrong, all you have to do is give them a call, pay your deductible, and you're set.

 

Even if you're selling your home, you can purchase a home warranty during the period of time that it's on the market. This way, if something goes wrong, you can get it fixed quickly and not spend your time worrying when you're just trying to sell your home. You can also use it as a valuable marketing tool when you sell, because buyers like to see homes that are under warranty, and it's easy to transfer the coverage to buyers.

Overall, getting a home warranty is a great way to secure peace of mind. Please don't hesitate to ask me about any of this information, I'd be happy to help you!

How Can You Take Advantage of Our Local Market?

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Buying a Virginia home? Search all homes for sale

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.