May 2021 Market Update

The real estate market reminds me of the great Bill Murray movie Groundhog Day. It seems like every month I am conveying the same story. Housing inventory levels are still low, we continue to have multiple offer situations, interest rates continue to stay modest, and prices are rising. Sorry, but that’s the story in Northern Virginia today, and I believe it will be for years to come. 

The good news is we continue to see additional inventory come on the market. The issue is, in most cases, we have more demand than the supply that is coming onto the market. This has some buyers experiencing “buyer fatigue” as they cannot waive all contingencies or go high enough in price to win in a multiple contract situation. In some instances, this has resulted in fewer contracts submitted in what could be a multiple contract situation and, in some rare cases, only one or two offers are received. For today’s buyers, patience is critical, but the speed of writing the offer is the key to success. If you are thinking of buying, let’s meet to discuss your plans in more detail.

If you are a seller, it is extremely important to be realistic and do the right things to get your house sold. We have seen some sellers trying to take advantage of the market by not completing the finishing touches typically done when preparing to sell their home. They are not painting, replacing carpets or flooring, making minor repairs such as caulking in bathrooms or repairing rotten trim, etc. and worst of all, overpricing their properties. Greed is not good; being sensible is as the market is not like it was in 2004-2006, where you could price properties for tens of thousands of dollars above the last sale. People who do the right things such as staging and proper pricing see the market take their sales prices higher because buyers are willing to pay premium prices for properties in the right condition. If you are considering selling, let’s get together and see what we can do to help you maximize the market.

Enjoy the spring weather and all that May has to offer.

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