Scott’s 8 Real Estate Predictions for 2018

Check out Scott’s 8 Real Estate Predictions for 2018. Do you agree with Scott’s prediction? Do you have any predictions about the real estate market for 2018 of your own? Share them with us!

Visit our Facebook page and post your real estate predictions for 2108.   https://www.facebook.com/remaxgateway/

Scott’s Weekly Market Update

Inventory levels are still low, but the market is just like the weather today “hot” (for January in Northern Virginia)! Learn more in Scott’s latest Market Minute message.

If you would like to talk about your specific situation, give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

Scott’s Market Update

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Happy New Year! The temperatures in Northern Virginia are frigid, but the real estate market is anything but that. We are seeing activity throughout our area which is great for sellers. We had showings at our listings on Christmas Eve, Christmas Day, New Year’s Eve as well as New Year’s Day – it is crazy! One of our agents had an open house on New Year’s Eve and had 21 visitors…did I mention it is freezing outside?  I haven’t seen this much activity around this time of year in my career of 30+ years.

It is looking like 2018 will be a very good year in real estate – especially for sellers. We ended the year with inventory levels nearly 18% below last year which is 24% below the previous year. The lack of inventory is putting many sellers in the driver seat in the real estate market today. Buyers should not be concerned; more houses will be coming on the market as we enter the New Year and early spring market. Additionally, rates remain favorable and should stay within .5% of where they are today for 2018.

More good news – the tax reform that recently passed will not affect most of our area. The mortgage interest deduction (MID) is capped at $750,000 for new mortgages and our average sales price in Northern Virginia is $516,000 – so this won’t hinder those looking to buy from buying. Also, the deductibility of property taxes is capped at $10,000 so again, for the most part, we won’t see buyers shying away.

Lastly, the ability to avoid paying capital gains on your mortgage principal (if it was your principal residence 2 of the last 5 years) remained in place along with the limit of the gains at $250,000 for an individual and $500,000 for a married couple. This should help us with inventory levels as well! Again, all good things! If you have any questions about your current situation, please feel free to call me.

Have a great 2018 and please stay warm as we battle these icy cold temperatures.

Scott MacDonald 703-652-5777 or scottmacdonald@remax.net

December Market Update

As we enter the holiday season, we continue to see strong sales numbers in the Northern Virginia housing market, even as inventory levels continue to decline. Right now, we have 24% fewer homes for sale than the last week of November in 2016. We are seeing houses that are priced right still receiving multiple contracts, which is unusual for this time of year. Purchasers are ready to buy when they see the right house!

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During this time of year, I often get asked, “should I keep my house on the market or take it off”. My advice is simple –  if you need to sell, keep it on. Nicely decorated houses look festive and cozy which attracts many buyers (see the article about holiday staging on the next page). Additionally, buyers who are looking over the holidays are serious buyers; we don’t get many window shoppers this time of the year.  These buyers are looking because they have a real housing need; whether their lease has ended, they are relocating into the area or they are looking to get a great deal as sellers tend to be a little more motivated when listing their homes at this time of the year. If you don’t have a real need to sell, take your house off the market and kick back, relax and enjoy the holidays. Wait until the second or third week of February to put it back on the market. If you or someone you know is thinking about selling or buying a home, please let me know so I can give them advice specific to their situation.

In other news… After much deliberation, the Senate tax bill narrowly passed during the early-morning hours on Saturday December 2nd in a vote of 51-49. The House passed their bill in mid-November so now they need to both come to an agreement to put on the President’s desk for signature. Details of the final plan are still forthcoming, but we do know that you can write off up to $10,000 in property taxes to local and state authorities and the corporate tax rate is staying at 20%. Both tax reform proposals double the standard tax deduction, which may, in many cases, provide a greater benefit to renters than to homeowners. You will be able to write off mortgage interest up to $500,000 which is helpful to many tax payers as well. The question becomes, will homeowners now also have a dis-incentive to sell their home in order to keep their current interest rate deduction of up to $1 million as they will be grand-fathered? If so, this would potentially add new supply constraints. Stay tuned for additional details soon.

I hope that you enjoy the holidays with your family, friends and loved ones!

Sincerely,
Scott 

P.s… there is still time to RSVP to join us for our Annual Breakfast with Santa event this weekend!!
Breakfast with Santa HEADER ONLY

 

Scott’s Market Update

Its hard to believe its already December 1st! There are some serious inventory issues going on…. #gatewayagetsrock #bringon2018

 If you have any questions or would like to talk about your particular situation – please feel free to give me a call at 703-652-5777 or email me at scottmacdonald@remax.net 

Scott’s Market Update

It’s November and the housing inventory is dropping as quick as…. ???
Learn more in Scott’s latest Market Minute message. #marketminute#REMAX

Is it time for you to sell your home?  Maybe you are looking to buy, well now is a great time!  Give me a call at 703-652-5777 or email me at scottmacdonald@remax.net to talk about your situation.

Scott’s Market Update

Two things went DOWN last week, can you guess what they were? Find out in Scott’s latest market minute message.

Check out my LATEST LISTING >>> http://www.theresultsrealtygroup.com/…/…/lo10080229/45956867

Interested in learning more about your buying or selling situation?  Give me a call at 703-652-5777 or email me at scottmacdonald@remax.net