December 2020 Market Update

As we close out 2020…

A lot has transpired since the last newsletter… a presidential election, Covid-19 outbreaks resulting in additional shutdowns, local jurisdictions reverting back to more restrictions on public gatherings, regional school districts canceling or staggering the return to the classroom, and of course, Thanksgiving. Luckily, we had great weather on Thanksgiving and could eat outside with our “at-risk” family members and maintain social distancing with them throughout the day.

Interest rates remain low on the real estate front; fewer people are re-engaging in forbearance on their mortgages, and houses are still selling – often with multiple offers. All in all, it’s a great market not only in Northern Virginia but around the country. 

As we enter the holiday season, inventory levels remain low, making it difficult for buyers looking to take advantage of great rates. We are only 9% below last year’s level of homes for sale during this same week in time. As I look back, this was the beginning of the inventory shortage in our area. It will be interesting to see if we match our low from this past January when we had just over 1,800 houses for sale. If you are considering relocating, downsizing, or upsizing, call me to see how we can help you get into a home. We have strategies for every market to help people become homeowners.

So, the question I am often asked this time of year is, should we sell our house or wait until the spring. My answer is – it depends. Do you need to sell, or do you want to sell? If you sell, where will you go? If you have to sell and have the next home secured or have living arrangements lined up, sell today. If you are looking to sell to take advantage of the market, we need to talk sooner rather than later. As I previously mentioned, rates are great, purchasers are out in the market looking to buy, we know what other houses are for sale right now versus the springtime, and we know what price we can get for it based upon recent sales. Also, in all likelihood, if the house is in great shape, is in an ideal location, and is priced right, it will sell quickly with little inconvenience to the seller. If you find yourself in this situation, please call me to discuss your situation in more detail.

Until next year, be safe, make wise decisions when going out in public so you remain healthy so you can celebrate the holidays with your loved ones.

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