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
Real Estate
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!
A Quick Minute of Motivation
In this new motivational series, Scott will highlight how to become a Peak Performer.
Today’s Peak Performer Series message is about FAILURE. If you’re not failing, if you’re not making mistakes… you’re not trying! Its OK to FAIL – learn from your mistakes to become a SUCCESS!
Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net
And don’t forget to subscribe to my blog at www.scottymacsblog.com
Scott’s Market Minute 4/28/17
The market is in full spring swing! Buyers are out there and ready to make YOU an offer. Are you ready to put YOUR house on the market? Need more reasons why now is a great time to do so?? Check out my latest Market Minute video…
Interested in learning more? Give me call at 703-652-5777 or email me at scottmacdonald@remax.net. Have a great weekend!
A Quick Minute of Motivation…
In this new motivational series, Scott will highlight how to become a Peak Performer.
Today’s Peak Performer Series message is about a VERY important four letter word that is necessary for your success… can you guess what it is?? Watch this quick video to find out more…
Need more motivation? Give me a call at 703-652-5777 or email me at scottmacdonald@remax.net
Now go sell something!
And don’t forget to subscribe to my blog at www.scottymacsblog.com
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!
A Quick Minute of Motivation…
Today’s Peak Performer Series message is about Communication – specifically the importance of LISTENING. Are you present, are you focused on the person you are communicating with? Take note and check out Scott’s short message …can you hear me now?
Need more motivation or someone to LISTEN to you? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net
Now go LISTEN to someone!
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
A Quick Minute of Motivation…
Today’s Peak Performer Series message is about the importance of being nice. There are reasons why people remember you and reasons why they want to forget you. Don’t you want to be someone people remember?? Check out my quick video for more on a topic that means a lot to me.
Need more motivation – feel free to contact me at 703-652-5777 or scottmacdonald@remax.net
And don’t forget to subscribe to my blog at www.scottymacsblog.com
Now go sell something!
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 Motivation and Real Estate Market Updates 