November Market Update

18_300510_Fall Social Covers Fall Facebook Thankful

We are Grateful for You!

Now that another Halloween has come and gone, hopefully you weren’t spooked by the real estate market and the news that you have heard about it. The market is good – not bad – not slow – not great – just good. People need to expect that their house isn’t going to sell in a matter of hours or days, it will, in most cases, take a couple of weeks to a month or even longer to sell. As I’ve said before, it all depends upon your price point, condition and location. All around the region, we are seeing median days on market are up as are the average days on market. Again, don’t be spooked, we continue to see steady sales, low inventory and stable prices. Buyers are just taking a bit little longer to make decisions on buying. Some are still looking for the house to be in perfect condition at a “value” price. In some cases, they too, need to be realistic. Not every house is perfect and not every house is value priced so, just make an offer and see how the seller responds. If there is a house for sale, the sellers want it sold and they just want to “hear” it from the market and not the agent in a lot of cases.

So, what is on the horizon? Interest rates will continue to rise which will cause some buyers to leave the market. Some will opt for alternative forms of financing such as adjustable rate mortgages or if you have an assumable loan – assumptions. If you are interested in buying, this is a great option as well. Please give me a call to learn more whether you are selling or buying.

What else could impact our area you ask? Amazon and their HQ2 is the answer! At this time, they are in advanced negotiations with Northern Virginia on their next headquarter location, Crystal City to be more precise. What does this mean for our region? There will be some impact on housing, some impact on commercial properties (depending upon their location), a definite impact on our economy and lastly, an
impact on traffic as 50,000 jobs (or 25,000 if they split the locations) plus supporting company employment will bring more commuters. The local real estate industry is excited about this potential move, but we are not counting on anything concrete until the final decision is made. If you would like to know more, please feel free to call me as I have been following this developing news quite extensively. Also, I am happy to discuss your next move at any time.

Have a great Thanksgiving and enjoy the time with your family and friends!
-Scott

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