You have lots of real estate questions and I have the answers (or know who to ask). Here I will provide some insight into where we are headed and where we have been.

Summer 2018

Wow! 2018 started off with a bang – you could almost hear the starting gunshot as buyers frantically ran to new listings, only to come up against strong competition again and again. Many buyers experienced heartache as they wrote and lost offers on one, two, three, four and maybe more properties before finding their home (or maybe throwing in the towel). But the summer slowdown is here and after a frantic early spring, it’s time to breath a little and reflect on the last 6 months.

It’s Been a Sellers Market:
Inventory below 6 months (meaning if no homes were added all the current inventory would sell in 6 months) is considered a sellers market. We are there. Really there! Inventory is hovering below a 2 month inventory. Buyers are ready, but sellers are holding out. Are rising interest rates rushing buyers to jump now? Are sellers content in their homes, with their historically low interest rates making an upward move almost impossible? Whatever the reasons, houses that are priced right are going under contract in a few days or even before  hitting the market, and many with multiple offers (a trend that has stayed and doesn’t look to be changing).

Buyer Expectations Still High
Buyers still have high expectations, but the extremely low inventory has caused some to compromise on their “needs”. Homes with upgrades and updates have sold for premium prices. Homes lacking in updating are good buys for those with patience and some extra cash to make the improvements after purchase. While rates have climbed, they are still historically low.

If you are interested in selling your house, and would like me to give you a market analysis, please don’t hesitate to contact me. And if you are looking to buy one of these perfect homes (or get a good deal on a property that needs some work) I’m here for you too!

Filed under: Market Eye by Elissa Olechnovich
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Happy 2015! The Real Estate Market in Northern Virginia ended 2014 as expected…very unexpected. The year started with a record amount of snow which delayed the listings of many homes. Those that did list in February and March received a premium price and those that waited until the spring thaw had to fight hard for buyers as the market became saturated with inventory. A slow summer and fall gave way to a strong close to 2014. Interest rates remained low and inventory became more realistic as listings withdrew for the holidays. Now the New Year is here. What will 2015 bring? Well interest rates are still low, FHA has significantly lowered PMI premiums, it’s still a sellers market with just over 3 months of inventory…what does this mean? Buyers are being picky, but sellers aren’t giving up without a fight and currently are receiving an average of 96.7% of list price when their house sells. If you are looking to buy the low interest rates are giving you added shopping power. If you are looking to sell, your cold-weather buyers tend to be serious. Houses priced right are receiving multiple offers and going under contract within a week. Areas of Western Loudoun are seeing a longer DOM (days on market) vs. their neighbors to the East. Inventory continues to increase as we get closer to the “busiest” time of the year (April – June). Buyers and sellers wanting to time a move around school schedules drive the spring and early summer sales. If you have any questions about the market value of your home or the buying process please don’t hesitate to contact me at 703.269.7023 or [email protected].

Filed under: Market Eye by Elissa Olechnovich
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