The spring real estate market is hopping along as we enter the summertime “fun in the sun” buying and selling season. Our inventory levels remain very low for this time of year – we actually have seen inventory levels on the decline in recent weeks. Multiple contract situations are more the norm than the anomaly, which can be frustrating for buyers. Prices have stabilized but we need to see them increase to help out people in the area that are still underwater with their house values. Although we have people still underwater on their houses, distressed property inventory remains very low – only 11% of all inventory consists of short sales and foreclosures.
The big news this month seems to be the rise in consumer confidence in our area compared with the rest of the country. My feeling is people are becoming more optimistic in Northern Virginia because we have jobs and our housing market is strong. We have a 1.5 month’s supply of resale properties and a 1.1 month’s supply of rental properties. People are not only out looking at properties but they are actually buying houses. Agents are working hard and diligently working on listings and contracts. The environment around the office is fast paced and optimistic as the agents are busy helping our clients buy and sell houses. Our lenders and title partners are expressing a lot of the same sentiments with the market and its activity. In addition, there is a lot of “good” publicity surrounding the real estate market which is a welcomed reprieve from the last several years of nothing but negative news. All of this information will propel us into the summertime selling season so if you are looking at your options with real estate, give us a call.