Scott’s Market Minute 9/28/18

Inventory levels have come down from last week, and in some areas, prices have too! Is not the time to buy? Learn more in this week’s Market Minute Update.

If you would like to discuss your particular situation, please feel free to give me a call at 703-652-5777 or scottmacdonald@remax.net

#realestate #northernvirginia

Scott’s Market Minute 8/10/18

How’s the market these days? I’m comparing the real estate market to the Washington Nationals again in this week’s market minute message. Click play to learn more!

If you’d like to learn more or talk about your specific real estate situation, feel free to give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

August Market Update

As Summer Winds Down…

Wow, did July fly by or what? It seems like it just started and it is over already. This month we saw inventory levels stay steady – which is typical for this time of year. The biggest difference is the amount of inventory available in the resale market. We are currently down 12% from this time last year. The good news for sellers is the pace of sales is comparable to last year’s sales – resulting in a 1.9 month supply of homes versus 2.1 last year. Unfortunately, while overall home prices are up, they are not flying off the market as quickly as they did earlier this year. Therefore, patience is required in some selling situations. The buyers in today’s market are taking their time making decisions as they are not feeling compelled to write an offer on the home the first time they view it. The market dynamics have shifted, and sellers need to be aware of this, so they remain patient and not anxious. If you are thinking of selling, let’s get together to discuss your plans in more detail.

Mortgage interest rates are about a half point higher than last year, so this may also be impacting a buyer’s decision-making process. In addition, some houses have higher price tags than what they are worth resulting in some buyer hesitation on making offers as they don’t want to offend the seller. It is a complex transaction and will, in many cases, be someone’s largest asset, so taking the time and analyzing the house, the market and various options available to them can be a good thing for many people. In any of these
situations, I’d be happy to assist in helping find the best location and home
for you when deciding to make a move.

end of summer

As high school sports are back in full swing with their practices starting and the vacation season behind us, let’s see if we don’t have a quick uptick in housing sales before September. As always, time will tell.  Enjoy the hot rainy weather and feel free to call us anytime.

 

Scott’s Market Minute 7/6/18

Much like my desk today, the real estate market is a mess! Learn more about the advantage of being a buyer in the Northern Virginia market right now in my latest Market Minute message.

Would you like to talk about your current situation – looking or buy or sell?  Give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

July Market Update

Mid-Year Update18_300364_SummerSocialCovers_FB4

With half of the year over, the real estate market in Northern Virginia has slowed to a normal pace. This has put some sellers and Realtors in a bit of a panic as they felt the brisk market we experienced earlier this year was going to continue for a longer time than it did. It is important to understand that the frenetic pace of sales in February, March and into April was not sustainable nor the norm. We still are experiencing sales, but houses are not selling in hours or days for the most part, but are now selling in weeks, which is what is the expected time frame. Buyers are being more selective and taking their time making decisions which, again, is normal. Keep in mind, there is now more inventory and houses are staying on the market longer which means more choices and time for buyers to make decisions. If you are the seller, please know that this is okay. Your house will sell if it has a compelling price, is in great condition and a in nice location, it just won’t sell as fast as your neighbor’s house did earlier this year. Keep in mind, we are still seeing multiple offers on homes that meet the conditions above.

The real estate market can and does change on a dime. Important factors to pay attention to are: inventory levels in your price range, days on market – both average and median, and prices – if are they up or if are they are down. Every market is different and therefore deserves special attention which we can help you analyze. Experience matters so be sure to reach out to us if you are considering selling.

Interest rates on mortgages increased but have recently eased back down which is good news for buyers. We expect to be in this type of environment through the end of the year – somewhere between 4.5 and 5% for 30 -year fixed loans. These are awesome rates for sure, which is important for buyers to remember. The theory is higher rates will affect first time buyers in lower price points more than move up buyers or even first-time buyers in higher price points, so keep an eye out if you are considering a purchase. We are here to help you determine what loan program is best for you. We are full service!
Have a very Happy 4th of July celebrating with family and friends. Be safe!

June Market Update

Hello Summer!

summer remax

As we head into the long, hot days of summer, we are seeing that the Northern Virginia real estate market is in a “weird” place right now. It appears that some current buyers are creating unrealistic expectations while on the search for their new home – not every house is perfect, nor will it be. Each home has its flaws and sellers are not required to make houses “like new”. Home inspection list requests, multiple visits to the house with multiple inspectors (some licensed, some not) and extensive walk through items on or before the day of settlement are making selling a house even more difficult today than ever before. Unreasonable demands are being put on sellers and buyers in many cases are threatening not to close over last minute or minor issues that did not come up on the home inspection. Now, this isn’t happening in all cases, but it is in a lot of situations which is making the process more stressful than home selling normally is. It is my belief that buyers feel they are paying too much or are paying top dollar and because of shows they see HGTV, they feel the houses need to be nearly perfect. Hopefully, these demands will revert back to normal sooner rather than later. Time will tell.

So, what does this mean? It is more important today to have a professional Realtor, with years of experience on your side to guide you through the process, letting you know what is reasonable and expected and what is not. This is for both buyers and sellers. Please let me know if you or anyone you know may need my assistance.

As far as inventory goes, we are relatively flat week-over-week recently and sales remain strong. The issue remains the number of houses for sale are 18% below last year and 29% below 2 years ago and with sales remaining consistently high, we see prices increasing in some areas across the region. Now, not every market is strong, and not every house is seeing an escalation in value so please be sure to ask me what the right price is for your house if you are considering selling. Each area, house type, condition of the property and location dictate value today.

Stay dry and cool in these crazy summertime weather conditions.

 

Scott’s Market Minute 6/1/18

My weekly Market Minute live from Chantilly National Golf & Country Club. The rain has put a damper on the market … what do you think?

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

Scott’s Market Minute 5/25/18

It’s the last week of May and inventory levels have….. Check out Scott’s latest Market Minute message to find out what’s going on in Northern Virginia!

Give me a call if you would like to talk about your situation. I can be reached at 703-652-5777 or email me at scottmacdonald@remax.net  Have a great weekend!!!

Scott’s Market Minute 4/27/18

Inventory levels are up, interest rates are up, distressed inventory is also down – May is going to be a “lucky” month for sellers! Learn more about what’s going on in the Northern Virginia area real estate market in Scott’s latest message.

If you’d like to talk more about your situation, give me a call at 703-652-5777 or email me at scottmacdonald@remax.net.   Have a great weekend!!