The real estate market continues to be hyper-local today. We are seeing multiple contracts in many areas and yet houses are sitting on the market in others. Prices are rising in many areas while we see price reductions in others. We see houses staying on the market for mere hours to just a few days in some areas while other markets see houses staying on the market for over 30 days to even longer further out from Washington. If you are buying or selling it is important to seek the advice of a professional so you know what the market is like in your area of interest to give you the right advice.
There are some aspects of the market that are not hyper-local. These areas that are influencing the market are interest rates and distressed property inventory. Interest rates have been on the rise for nearly the whole month of May. Don’t get me wrong, interest rates are still great and people shouldn’t be concerned but if you are waiting for them to come back down to make a move, the sage advice is to do something now and don’t delay as it will cost you more in the future. As far as short sales and foreclosures are concerned, their numbers continue to dwindle in Northern Virginia which is great news for everyone who owns a home. As of the end of May, only 6.1% of the total inventory was made up of distressed homes and they represented only 8.2% of sales in the region. How does this affect the market? These numbers have help aid in the rising of prices throughout our area as there are fewer blighted properties, more people caring for their yards and homes so everybody wins.
Our real estate market continues to be one of the best in the country because of our low unemployment rates, increasing property values, tourism, plus we have easy access to water, mountains and all the Washington DC metro area has to offer. Please let us know how we can help you or someone you know looking to buy or sell a home. (703) 652-5777
RE/MAX Gateway, LLC