Scott’s Market Minute – here are Scott’s thoughts on the market this week…..
Contact Scott MacDonald, Broker/Owner of RE/MAX Gateway for more information and a personal assessment to meet your goals.703-652-5777 or scottmacdonald@remax.net
Economics
Scott’s Market Minute 2/3/17
Scott’s weekly market update… a boring market? What? Watch the video to learn more!
Contact Scott MacDonald 703-652-5777 Broker/Owner of RE/MAX Gateway for more information and a personal assessment to meet your goals.
February Market Update
So Far This Year…
Nothing can stop the real estate market here in Northern Virginia; not the rising interest rates, not the pull back of the FHA mortgage insurance premium reduction, not lack of inventory, and especially not this cold weather we are experiencing.
Sales are strong and we appear to be headed for a robust spring housing market. In addition to the group of buyers we are currently working with, we are getting lots of online leads from additional buyers asking about houses; both new builds and
resale. Typically, this group will become home buyers in three to nine months – stay tuned for more details as we get down the road with these leads.
Today’s buyers are looking in all price ranges and in all locations throughout Northern Virginia. As you would imagine, the lower price points are in very high demand, but so are higher priced properties in areas like McLean and North Arlington. We have some soft spots (lowering of prices and accumulation of days on the market) in the Great Falls area, but typically, if houses are priced right, in good condition and have been staged, they are selling quickly! Thus, inventory is at a four year low with just over 3,900 existing homes currently for sale. We expect properties to come on the market in February, but with the demand we are experiencing now, they too should sell quickly.
So, what are the lessons we have learned so far in 2017? If you are a buyer, act quickly! If you find a home meets your criteria and suits your lifestyle, make an offer, don’t wait. Many properties are receiving numerous offers; therefore they are selling quickly.
If you are a seller, get your house “right” and get it on the market sooner rather than later – there is a strong appetite for housing today. Buyers are out there and ready to make a move.
If you would like to discuss your situation in more detail, please feel free to call me today. I would enjoy meeting with you to determine which is the best option for you to pursue.
Stay warm!
Scott can be reached at 703-652-5777 or scottmacdonald@remax.net.
Economic Forecast for 2016 and what it means to the Northern Virginia Real Estate Market
Happy Holidays! Sorry for the delay this month but I wanted to have our Economic Summit with Dr. Stephen Fuller to fill you in on what is coming down the pike for our economy here in Northern Virginia.
This year sales remained strong and higher than last year indicating we are still in an improving market. Prices are stable as we wait for higher paying jobs which happened in the last local jobs report. Higher paying jobs, along with lower inventory will put upward prices on houses in the future. Next year will be even better than this year but it appears as if 2017 will be the best year of the decade so we have that to look forward to in housing. Also, new home starts as well as sales are projected to increase in this same manner which will create even more jobs for our local economy.
Additionally, we see no reason that the Continuing Resolution bill will not pass and be implemented which will lead to the first of 8 interest rate hikes by the Federal Reserve. Both announcements are due the second and third week of December. The mortgage interest rates published today already have this rise in rates priced into them so we are not expecting a spike in mortgage interest rates next week when it is announced. It is projected that by 2018, the Fed rate will be about 3.25% and mortgage interest rates will be around 6%.
Our job market will continue to grow in mostly higher paying jobs but the food and leisure jobs still are the strongest in our economy. Professional Services and Health Care are coming on strong and this is where the higher paying jobs are for us. This trend will continue for the next few years.
All in all, a bright forecast for our real estate market just in time for the holidays! If you would like a copy of the presentation he gave us, please let me know and I will send it to you.
Enjoy this time of year with your friends and family and please be safe! Until next year, Happy Holidays!
Scott MacDonald
RE/MAX Gateway 4090B Lafayette Center Drive, Chantilly, VA 20151 Offices strategically located throughout Northern Virginia.
Scott's Motivation and Real Estate Market Updates 