In this motivational series, I’ll highlight how to become a Peak Performer. Question – are you going the extra mile? Are you adding value and doing things for others without expecting anything in return? Check out my latest video message to learn more about why I feel it is so important to always go the extra mile!
This year was definitely a different experience for the kids and Halloween…some treats, but it seemed like it was mostly tricks for them because of Covid. Hopefully, next year will be different, and they can enjoy being kids again, safely. The election was also a different process than we have ever seen before, and the counting of the results also has led to a “unique” time for us. Let’s hope we won’t have to experience a process like that one again. Fingers crossed that the recent announcement by Pfizer and Biontech regarding their vaccine will result in us getting back to more normalcy in our lives. Time will tell.
In the Northern Virginia real estate market, we continue to see treats for sellers and some tricks for buyers. Our issue continues to be low inventory levels for buyers, making it tricky and, often, multiple offers, which ends up being a treat for sellers. Interest rates continue to remain at historic lows, making it a treat for those looking to buy a home or refinance their existing property (or properties if you are an investor) – a true treat for them. If you have questions about refinancing, please let me know. I will be happy to connect you with a great loan officer.
What does the future hold? I see continued low inventory, low rates, and a competitive market. Some markets have advantages over others. For example, Cascades has 3,000 townhouses, and only one is for sale. There are thousands of townhouses in Bristow, and only one end unit is available under $400,000. These markets are truly in the sellers’ favor as buyers are having difficulty getting into properties in these locations. There are many more like them, but these are two I am familiar with as we were helping them price their homes for the market this week. For those considering selling, I don’t see a real slowdown happening like we usually do during the holidays as the weather is great, rates are phenomenal, and demand remains high. Please call me to discuss your situation in more detail.
Please have a wonderful Thanksgiving. I believe we can all find things to be grateful for even though we are not in a “normal” world and have experienced so many rare situations this year.
Be safe, continue to make wise decisions when you go out in public, so you remain healthy!
In this motivational series, I’ll highlight how to become a Peak Performer. Question – are you giving back? With the holiday’s coming up, now is a great time to give back to your community. Check out my latest video message to learn more on why I feel it is so important to give back to others.
If you are looking for an opportunity to give back, don’t forget that Giving Tuesday is on December 1st this year. Need a great charity to support? Consider donating to Children’s National Hospital/Children’s Miracle Network Hospitals. We have a long standing relationship with our local Children’s Hospital and gladly support them as often as we can. We are excited to announce that we were able to raise $10,000 for them at our Charity Golf Outing back in September. We presented them with the check today!
In this motivational series, I’ll highlight how to become a Peak Performer. In today’s message I’m talking about the importance of E X P A N D I N G your comfort zone, not stepping out of it. Learn why this is so important to your success in my latest Peak Performer Series message.
In this motivational series, I’ll highlight how to become a Peak Performer. I’d like to ask you a question. Are you a good storyteller? Learn why I feel being a good storyteller is so important to your success in my latest Peak Performer Series message.
📌 Do you need help learning how to become a good storyteller? I’m happy to teach you and I highly recommend this book by Donald Miller: Building a StoryBrand – Grab a copy and give me a call.
In this motivational series, I’ll highlight how to become a Peak Performer. I’d like to address something I feel is affecting everyone. How is your attitude? Has 2020 changed your attitude for the better or the worse? Learn why I feel this is so important in my latest Peak Performer Series message.
Real estate continues to be the shining light in the current economic recovery. Buyer demand, housing prices, and new and existing home sales continue to be strong – not only in Northern Virginia but also across the country. Our issue continues to be low inventory levels for the demand that we are presently experiencing. As of today, we have 30% less inventory of homes for sale versus this same time last year. The median days a house stayed on the market in August was just six days, so as you can see, demand is there.
Additionally, prices are up year to date 7.95% over last year’s pricing. The pandemic pushed the housing market back about three months, so what would typically be a slower time of the year is one of our strongest. If you are considering selling, now is an ideal time as we couple all this data with the fact that we have the lowest interest rates in the history of tracking. Contact me to discuss your situation in more detail if you are considering selling.
So, where is the market headed into the future? There is talk of another foreclosure crisis that could lead us into a Great Recession… will this happen? There is a housing bubble, and prices are going to crash… will this happen? My answer is no to both. First, we have low inventory levels and high demand. In October 2006, we had just under 23,000 houses for sale; today, we have 3,014. If properties are foreclosed on by banks and released to the market, they would sell quickly and not put us into a housing crisis. Again, back then, we had a 10-month supply of houses, today we have a .8-month supply of houses – a considerable difference. Back then, people “walked away” from their homes because of price drops and lending practices; this is not going to happen now. Today’s loan products, loan qualifications, and lending guidelines are nowhere like what they were prior to the Great Recession.
Back then, we had exotic loan programs, 100% financing programs, teaser rate loan products, and just bad underwriting guidelines. Homeowners today are more financially stable, which will result in fewer foreclosures. If there is an area that may be in jeopardy, it would be in the Mom and Pop landlord arena. Basically, people who have one or two investment properties may not be able to “carry” the houses if their tenants are unemployed. This is a small segment, so I don’t see it significantly impacting our market.
Additionally, prices are rising, but not at the rate they were in 2004 – 22% year over year increases, 2005 – 24% price increase year over year and in 2006 it was 23%. As I mentioned, we are at a reasonable pace of 7.95% today; therefore, I do not foresee a crash in prices like we saw in the past. We will see a decline in housing price increases, but not a decline in prices… big difference. Our market is stable and will continue to be so for some time, in my opinion. If you would like to discuss this further, please feel free to call me.
Enjoy the weather! Have a safe and Happy Halloween!
In this motivational series, I’ll highlight how to become a Peak Performer. Today’s question – how are you demonstrating your value? What are you doing to add value to others lives Learn why I feel this is SO important in my latest Peak Performer Series message.
The Global Pandemic has not slowed down the real estate market here in Northern Virginia. Low inventory levels continue to be the main issue as there are many buyers in the market and not enough homes to purchase. Couple this with historically low-interest rates, and we have a solid seller’s market, which also means we have an extremely challenging buyer’s market. Today, the median days on the market are just six days, and the average days on market are only 19. Now, of course, there are some properties in specific locations and price points that are staying on the market longer, but generally speaking, most houses are selling quickly. Buyers need to make decisions swiftly and make solid offers if they want to be in the running as the next owner of their home of choice.
In today’s market, we do have some additional challenges, not just the shortage of homes for sale. A remarkably close second challenge we are experiencing involves the lending process if the buyer does not select the right lender. For example, we are encountering long lead times for appraisals, lack of urgency to close loans on time (they treat the purchase transactions like a refinance and the loan is in the order it was received,) numerous appraisals coming in low as buyers are escalating prices above market price and response time frames from the loan officer as they are overwhelmed with refinances. As a side note, it is extremely important to select the right lender when you are accepting a contract on your listing or when you are buying your home. The highest offer is not always the best offer.
Additionally, we have a lot of stress in the market. Buyers are losing out on multiple homes, which causes frustration. Sellers not receiving offers as high as they believe they should make them anxious. Agents can be rude, arrogant, unresponsive, and unprofessional, which causes everyone to stress out. It is so important today to hire the right agent to guide you through the home selling or home buying process, an agent that knows how to navigate with you for a smooth and seamless process. So, if you are looking to sell or buy a house today, call me – I have helped many others successfully buy and sell properties in today’s unbalanced market.