January Market Update

Happy New Year!2011-new-year-resolution

It is truly hard to believe that a new year is upon us; welcome to 2017! It seems that the years fly by faster as we get older. This is an exciting time in so many respects, so it would be nice to be able to enjoy these great times longer.

Anyway, it appears as if we will have an exceptional year here in the Northern Virginia real estate market.  Consumer confidence is at a 13-year high which typically bodes well for housing. Additionally, though the mortgage interest rates have risen slightly since the election, we still have many buyers out in the market looking for and in many cases buying homes today. Online activity as well as calls from our great clients like you have picked up recently.  Also, all indications point to the continuation of high paying jobs here in Northern Virginia. Dr. Stephen Fuller of George Mason University’s Center for Regional Analysis shared with us that employment in the Professional and Business services along with Retail Trade and Health/Education will all continue to grow into 2017. He predicts that 2017 will be “the year” of the decade for housing in Northern Virginia.

There is just one caveat … we need houses to sell! Inventory levels on active resales was down to just over 4,100 homes in all of Northern Virginia this past week.  We haven’t had this few homes on the market since the first week of February in 2012, when it was barely over 3,900 houses. In speaking with other agents, we will have homes coming up for sale in February, but there is an appetite for houses today! So, it is not a bad idea to put your home on the market sooner than later if you are thinking about it and if your home is in the right condition to sell. The belief is that we will continue to have a demand for houses throughout the year, so if you are considering making a move in 2017, please let me know, we are here to help!

I hope you have a joyful and prosperous 2017!  And please remember we are always here to help you and anyone you know with their real estate needs.

 

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