November 2020 Market Update

Thankful

This year was definitely a different experience for the kids and Halloween…some treats, but it seemed like it was mostly tricks for them because of Covid. Hopefully, next year will be different, and they can enjoy being kids again, safely. The election was also a different process than we have ever seen before, and the counting of the results also has led to a “unique” time for us. Let’s hope we won’t have to experience a process like that one again. Fingers crossed that the recent announcement by Pfizer and Biontech regarding their vaccine will result in us getting back to more normalcy in our lives. Time will tell.

In the Northern Virginia real estate market, we continue to see treats for sellers and some tricks for buyers. Our issue continues to be low inventory levels for buyers, making it tricky and, often, multiple offers, which ends up being a treat for sellers. Interest rates continue to remain at historic lows, making it a treat for those looking to buy a home or refinance their existing property (or properties if you are an investor) – a true treat for them. If you have questions about refinancing, please let me know. I will be happy to connect you with a great loan officer.

What does the future hold? I see continued low inventory, low rates, and a competitive market. Some markets have advantages over others. For example, Cascades has 3,000 townhouses, and only one is for sale. There are thousands of townhouses in Bristow, and only one end unit is available under $400,000.  These markets are truly in the sellers’ favor as buyers are having difficulty getting into properties in these locations. There are many more like them, but these are two I am familiar with as we were helping them price their homes for the market this week. For those considering selling, I don’t see a real slowdown happening like we usually do during the holidays as the weather is great, rates are phenomenal, and demand remains high. Please call me to discuss your situation in more detail.

Please have a wonderful Thanksgiving. I believe we can all find things to be grateful for even though we are not in a “normal” world and have experienced so many rare situations this year. 

Be safe, continue to make wise decisions when you go out in public, so you remain healthy!

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