The Dip – Part 3
Even if you are NOT experiencing a real estate dip, check out what Scott’s Motivation Minute has to say about your ATTITUDE.
Contact Scott MacDonald 703-652-5777 Broker/Owner of RE/MAX Gateway for more information and motivation!
Northern Virginia
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.
The 5 P’s of Marketing and Real Estate
At RE/MAX Gateway, we strive to add value to our agents so their businesses flourish and grow. We provide various professional development training classes, mentor programs and we make one-to-one coaching available with our highly experienced, top producing management team. In doing so, we help our agents meet or exceed their goals ever year! 
Here is an example of what we do to help agents with their marketing plans, to give them more focus and get better results.
The ‘marketing mix’ is a foundation concept in marketing that consists of the “5 P’s” – Product, Promotion, Price, Place and People. This is how we relate these fundamentals to real estate marketing:
- Product
- In real estate, you are your product. What are you doing to improve?
- Your properties are another product. How are you gaining knowledge of available properties and areas?
- Promotion
- How you market yourself.
- How you market your properties.
- How you interpret the economy to your clients and the marketplace.
- Price
- What is the value that you bring to your clients and the marketplace?
- The fees to your clients, whether buyers or sellers.
- How you properly price your product (houses).
- Place
- Where you sell and market yourself.
- Where your business is primarily located.
- People
- The company you are affiliated with and what that means.
- The clientele you wish to serve.
- The person you strive to become.
We help our agents use these tangible and intangible “P’s” by incorporating them into their business plans, helping them become top producing agents with balanced lives. Several of our agents have received numerous awards from RE/MAX including the Hall of Fame Award and the Lifetime Achievement Award by incorporating this marketing and mindset into their businesses.
Want to learn more? Please feel free to call me to set up a confidential interview at 703-652-5777 or scottmacdonald@remax.net.
Scott’s Market Minute – 1/27/17
Keeping you up to date on the real estate market in Northern Virginia. Demand is HIGH, supply is LOW. Hear what Scott has to say…now is the time to….
Contact Scott MacDonald 702-652-5777 Broker/Owner of RE/MAX Gateway for more information and a personal assessment to meet your goals.
Hot & Sticky… The Northern Virginia Real Estate Market
The real estate market continues to be hot – just like the weather.
Inventory levels remain below 7,800 active properties for sale in Northern Virginia. Last year at this time we had over 9,550 – quite a difference. There is pent up demand but we are lacking “really good” inventory. We have buyers that would move up if they found something suitable in a higher price points but nothing seems to be coming on to help with this situation. So here are a few quick stats on the overall market:
- Sales of existing homes reached the highest annual pace in over 9 years at 5.29 million.
- Inventory remains below the 6-month norm and prices are still on the rise, however, this is very hyper-local so ask me for details.
- Interest rates are at a historic low of 3.48%.
Now, just like the weather, things can be a little sticky…if properties get priced too high, they are sitting on the market. They are getting lookers, just no offers which at times has led to frustration for our sellers. It is important to keep in mind proper pricing today is still critical. To learn more about how we can help you with selling your home, feel free to call me.
The big news recently has been Brexit and how it will affect us in the United States. Well, virtually immediately, interest rates on mortgages dropped to three year lows. The good news is they are expected to stay this way for a while. There is speculation that International investors may sell off their holdings in the UK and invest in the US which could be good news for cities like Washington, DC, New York, Chicago and Los Angeles – let’s keep an eye out for this movement. The overall sentiment is we may not see its full impact for years but in the short term it will be good for the US housing market.
As always, we are here to help with any questions you may have regarding the Northern Virginia real estate market and have a safe, fun and enjoyable July 4th celebration.
Scott MacDonald
RE/MAX Gateway
Unlike the weather out there…the Northern Virginia Real Estate Market is HOT!
Very Low Inventory + Lots of Buyers = Good News for Sellers! click to play
Thinking about selling your home? Contact Scott MacDonald 702-652-5777 for more information and a personal assessment to meet your real estate goals.
Now is a great time to buy and sell a home in Northern Virginia!
Scott MacDonald
RE/MAX Gateway
Northern Virginia Real Estate – Optimism and Home Buying are in the air for 2016
We continue to have great optimism about home sales in 2016 despite the storm of the century just a few short weeks ago. We are experiencing a mild winter and agents are building momentum into the spring market making this a great time to buy or sell a home. 
Interest rates are phenomenal despite the Federal Reserve raising their rates.
Inventory levels are below last year’s level year-to-date and the great news is, sales are up. We have pent up demand for housing in Northern Virginia which can be seen when visiting open houses on weekends and our listings are getting great activity throughout the week. Today’s buyers are serious and are taking action on homes that are staged well, in condition and priced right. In many cases, we are seeing multiple contracts.
In looking back at 2015, through November, sales of both new and existing homes had increased over the previous year. According to a recent release from the Department of Commerce, new home sales in 2015 came in at 490,000—the best numbers since August of 2015. We expect these numbers to increase throughout 2016 as well. Builders have expressed multiple times they are optimistic as well.
Basic information on the economy shows us that unemployment is at a 7-year low, wages are 5% higher than a year ago, and home prices continue – moderately. Let’s hope this trend continues as we definitely need higher paying jobs in our area.
One area of potential concern today is in the refinance boom of 2005-2007. During this time, many borrowers took out 10-year mortgages that were interest only and their reset dates are now coming into maturity. This means their loan balance is now amortized over 20 years for the last 20 years of the loan increasing their monthly payments significantly. Add to this potential issue is many of the homes used to collateralize these loans have not gotten back to the value of where they were making it difficult to refinance again. This could result in short sales and foreclosures. Let’s pay attention to how this plays out.
As you know, if you have any questions or concerns, you can call, text or email me anytime. We are here to help you.
Happy Valentine’s Day!
Scott MacDonald
RE/MAX Gateway
Northern Virginia Real Estate, Housing Inventory and Snowmagedon 2016
Scott MacDonald video update about the local housing market statistics and the impact on buying and selling a home in Northern Virginia – even with Winter Storm Jonas and the possibility of Snowmageddon 2016! click to play video
Now is a great time to buy and sell a house!
Contact Scott MacDonald 702-652-5777 Broker for RE/MAX Gateway for more information and a personal assessment of your housing goals.
Scott MacDonald
RE/MAX Gateway
Buckle up and hold on tight! 2016 Northern Virginia Real Estate Market Update
Wow, 2015 flew by in a blink of an eye and I am sure 2016 will as well. As 
I mentioned in my previous market updates, we pretty much enjoyed a stable market for housing in 2015. I expect things to pick up in 2016 because of all the recent activity. Many of our agents have been working through the holidays with clients and I too have been meeting with both buyers and sellers looking to make moves in 2016 – more so than any other recent December. So buckle up, the market will be moving forward in a positive direction.
A few areas in the mortgage arena for us to keep our eyes on are rising interest rates and loan products. Now that the Fed has raised their rate, mortgage interest rates are now just above 4%. Still great, don’t get me wrong, but they are just a tad higher than where they have been most of 2015. The other interesting thing to watch with mortgages are the new programs coming into the market. Fannie Mae now has a low down payment loan to compete with FHA loans. These loans compete because the down payment can be a gift so buyers don’t need to have their own money saved for the down payment. Additionally, I have read there are potentially no down payment loans coming back into the market soon. These two loan products could help Millennial buyers enter the market sooner as they have not been able to save for their down payments due to high rents, student loan debt and lower paying jobs. This is important because Millenials will be the largest home buying demographic once they can afford to buy.
Something else to watch is as sales continue to rise, prices too will follow – hopefully at a sustainable rate and not like the San Francisco market or our market from 2002-2006. Home ownership is extremely important to wealth building and consistent growth in prices help this happen for many people. We don’t need an escalating housing price market like we had in the past, as no one wins in the end. I would expect a 3-5% increase in housing overall in Northern Virginia. Some areas will see more, others less, so please ask me about your home’s value if you are interested.
As always, if you or someone you know is looking to buy or sell a home, I am here to help so please feel free to call me. Here is to making 2016 one of your best years ever! Happy New Year!
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 