Wow, the summer real flew by this year. Swim meets, baseball games, family vacations and house sales all made time fly. As school begins and Labor Day is upon us, we generally see a little slow down in our market but a few weeks into September and through the first few weeks of November we see the market generally pick back up and this year should be no different.
In my daily routine I often run into friends, past clients, other real estate professionals and of course my agents. The question most asked is “how’s the market”. The answer is always, “it depends”. Are you a buyer, seller or are you looking to rent or are you a landlord PLUS, where are you speaking about the market specifically? The reason is, it is different under each scenario and in different locations. Real estate is and will always remain, hyperlocal. Generally speaking, the Northern Virginia market is better than it was last year. We have more sales, prices are stable, but there are also more homes for sale. There are pockets where inventory is low and others where inventory is increasing making it even more important today to speak with a professional about your situation in more detail.
The second most asked question is “how are interest rates and are they going up anytime soon?” Mortgage interest rates remain great hovering right around 4% for 30 year fixed loans. A few months ago the Fed spoke about raising rates around this time but with the recent financial market setback and the fact that the job market for higher paying jobs is still flat, it appears a rate hike is not likely. Additionally, with an election year just ahead of us, no one will be eager to raise them while trying to get re-elected or be in favor of an increase if they are trying to get elected. Therefore, it does not appear we will see an increase in rates anytime soon keeping our interest rate environment stable. To learn more, please feel free to call me.
So, kick back and enjoy the Labor Day holiday with friends and family as I climb Mount Kilimanjaro. I will report back about our great adventure next month. We are accepting donations until October 3rd so please feel free to help our cause by visiting http://fundraise.thelastwell.org/scottymac and make a difference in the lives of others.