It’s been another crazy week! It’s a patient market…. learn more in this week’s Market Minute video!
If you have any question about the market, feel free to give me a call at 703-652-5777 or email me at scottmacdonald@remax.net
Market Trends
May Market Update
The Spring Market is in Full Swing
The Nationals are cranking out the wins with hits, runs and great starting pitching. The Caps are losing games to the Penguins in the second round of the playoff series again and the Wizards are into the second round of the playoffs with John Wall leading the way…it has to be spring, right? Couple all of this with the smell of fresh cut grass, new
ly edged mulch beds, flowers blooming and of course, houses selling quickly – we know it is spring and PRIME home selling season.
We have a very dynamic and robust market in most of Northern Virginia! As you are reading this, the median days on market is 12 and the average days on market is 59. So, it is a very good market if you do the right things to sell as the median days on market bears this out. Houses are either selling quick or they are not. We are seeing properties priced below $450,000 receiving multiple showings and offers when they are in the right condition, price and are staged. Houses priced too aggressively for the market, are in poor condition and/or location are sitting with showings but no contracts. Buyers are out there, but they are still being very discerning when it comes to home selection.
Another indicator that the spring market is in full swing – prices are increasing. Over the last 5 years, we only had 4% appreciation across all of Northern Virginia. Year to date, we have 3% appreciation. This is good, but also poses a challenge as appraisals are becoming more of an issue – especially when multiple offers bid prices way up to “win” the contract. In some cases, the comparable sales are not available for appraisers to rely on to support value. As inventory continues to shrink, rates continue to stay low and buyers remain active; we may see more appraisal issues than not. Stay tuned for more information as we enter the summertime.
As is always the case, everyone’s situation is different and needs to be reviewed in detail, so if you are considering selling or buying, please feel free to call me for a no obligation consultation. We are here to help!
Scott’s Market Minute 4/21/17
Another interesting week in the Northern Virginia housing market … Interest rates are DOWN and inventory is…. check out my latest Market Minute for more info.
Interested in learning more about selling your home or buying a new one? Feel free to give me a call at 703-652-5777 or scottmacdonald@remax.net
Happy Earth Day!
Scott’s Market Minute 4/14/17
Captials, Wizards, Nationals – our local teams are HOT – so is the housing market! Check out what Scott has to say in this week’s Market Minute.
Have a great weekend!
Questions about the market or your specific situation? Feel free to give me a call at 703-652-5777 or scottmacdonald@remax.net
April Market Update
Crazy Weather, Crazy Market…
The Northern Virginia real estate market has been a lot like our weather in March…hot and cold. We’ve had some markets that have been on fire – Reston as an example; while others have been normal which makes Realtors and sellers feel on edge or think that the market is “cold”. It is extremely important to have the right expectation when selling your house – not every house sells in a day with multiple contracts. Many houses take a couple of months to sell. The current average is 62 days on the market in Northern Virginia. This is below the national average so we still have a great market. Buyers are buying and as result, the supply of existing houses for sale is down to a 1.2 month supply of homes. So, my advice is to be realistic if you are going to be selling your house and if you get a contract quickly, make the most of it, but don’t expect the process to happen fast.
Again, the good news is that sales are up 6% over last year, sales prices are up 2.8%, mortgage interest rates are still phenomenal and the inventory levels are increasing – so we should continue to see a good spring market. Even with inventory levels increasing, we are still 19% below last year’s levels. My belief is this will continue to happen for the next few months – inventory will rise but we will still lag behind previous years because we have strong fundamentals in place for a good housing market.
If rates continue to rise as a result of “Trumpenomics”, buyers will and should consider adjustable rate mortgages. Typically, ARM products like a 7/1 ARM run about ¾ of a point less in interest rates. As an example, 30 year fixed rates are about 4.25% and a 7/1 ARM is about 3.5% – definitely something to consider when buying a house today.
We can discuss your plans in more detail to see if this is a viable option for you. Please let me know if you have any specific questions or concerns as I am here to help!
Happy Spring Break and Easter!
Would you like to learn more? Give me a call at 703-652-5777 or scottmacdonald@remax.net
Scott’s Market Minute 3-17-17
**March Madness** The madness isn’t just about basketball!!! Here’s the latest market update video from Scott about the market in Northern Virginia.
Here’s the link to download the Sponsorship Opportunities/Registration packet for our Charity Golf Tournament: http://www.gateway2realestate.com/upcoming-events
As always, you can contact Scott at 703-652-5777 or scottmacdonald@remax.net
Have a great St. Patrick’s Day Weekend!
Scott’s Market Minute 3/10/17
This week in Northern Virginia Real Estate … it’s CRAZY out there… just like the weather!
Interested in putting your house on the market or finding your perfect home? Give me a call 703-652-5777 or scottmacdonald@remax.net
March Market Update
The real estate market in Northern Virginia continues its roll into the Spring selling season. Inventory on resale homes has risen slightly, but so have sales. The slight rise in interest rates have not slowed things down and we don’t expect anything to change. The nice thing if you are looking to buy, you now have more selection – but if the house is in great condition, you will be in a competitive situation. You will definitely want to put your best foot forward in this type of buying scenario.
Here are a few tips to consider when looking to buy a home:
- Offer at least full price with an escalation clause or go
in with your highest and best – usually above list price to secure the home. - Put down a large Earnest Money Deposit (EMD) – if you are putting a down payment of 5%, make your EMD 5%.
- Have a very short finance contingency timeframe and have your lender call the listing agent to discuss your qualifications.
- Waive the appraisal if and only if you are confident in the value, you have the cash available to make up the difference and it is a home you absolutely cannot live without.
- Conduct a home inspection for informational purposes only with the right to void if you discover anything you were not expecting to find or if a repair is costlier than you expected.
- Determine the seller’s timeframe and add that date as your settlement date. If they need a longer timeframe to close, consider adding free rentback period with an early close so they are not worried about a long, drawn out closing.
- Cover all your own closing costs.
- Do not ask for a home warranty paid for by the seller.
- Write a personal letter to the seller explaining why you want to be the next home owner.
These tips won’t guarantee you will get the house, but they will help.
If you are thinking of buying, please call me to discuss your situation in more detail and how we can make these suggestions work for you. If you are selling, I have strategies to discuss with you on pricing, staging, and how to handle multiple contracts when they come in on your house – if you don’t want to wait until next month.
Happy Spring!
You can reach me at scottmacdonald@macdonaldhomes.com or 703-652-5777
Scott’s Market Minute 2/17/17
Great weather this weekend makes for a great time to buy a home! Look for lots of buyers to be out “shopping” this weekend!
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
Scott’s Market Minute 2/10/17
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
Scott's Motivation and Real Estate Market Updates 