home sales

July 2020 Market Update

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As We Begin to Reopen…

As we transition into Phase III with some areas beginning to open up while others remain on restricted status, I encourage you to stay safe, make wise decisions when you go out in public, so you and your family continue to remain healthy.

The result of the pandemic has limited the number of houses coming on to the market here in Northern Virginia. Potential sellers are still concerned about people coming into their homes, which is understandable during this time. The crazy thing is – the pandemic and various Phases we have been in have not slowed down home sales! The inventory level of houses for sale is down 43% from this same week last year, yet sales are up 16.5%. It is critical that we find people looking to sell their home and are comfortable doing so because we are continuing to see multiple contracts on houses throughout Northern Virginia (in most price points). It is not uncommon to receive 15-25 contracts on a house in less than 48 hours when it is priced right, in the right condition and location. Most recently, I heard about a condominium in Falls Church that received 44 contracts – one of our fellow agents lost out on that one just last week.

The onslaught of offers has prices escalating, and as a result, we are experiencing some appraisal issues. I make sure to set the proper expectations for both sellers and buyers if I feel the house will not appraise.  In addition to this, I meet the appraiser at the property to keep them informed on the situation – the number of contracts, prices, the quantity of showings, etc. to try to avoid low appraisals. However, they still are happening in some cases, as some prices just cannot be supported by the appraisers. We have had several people waive the appraisal contingency to secure a home, which has been great for my sellers. We have also had many appraisal waivers from lenders when the borrower has excellent credit, is putting down 20% or more, and the neighborhood can support the pricing. To learn more about this, please call me.

Buyers – get in the game!  We can help, and rates are still amazing. Today’s rates are below 3% on 30-year fixed loans. Additionally, if you aren’t planning to move and you haven’t refinanced, now is a great time. Call me to learn more about this and our strategies to win in multiple contract situations or for a connection to one of my preferred lending partners. I am always here to help!

I hope you had a great 4th of July!!

Start your home search HERE! 

 

March 2020 Market Update

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It’s March Already!

It seems like just yesterday that we started the new decade. You know the saying; time goes by faster when you are busy and boy have we been busy!

The real estate market continues to be very brisk. For example, I have scheduled appointments on a Thursday afternoon to show properties for the coming weekend. Several of the homes went under contract so quick resulting in canceled appointments (and sad clients). These houses were in various areas and various price points throughout Northern Virginia, not isolated in one area. In conversations with sellers, I have been letting them know that even though there are bidding wars, multiple contract situations, etc. the price and condition of the house still rule. If prices are too high for the area/neighborhood or if the home needs some work, it will sit on the market with little to no activity and definitely without offers! When priced well and in “HGTV condition”, there is a feeding frenzy. Buyers in today’s market, realistic or not, are looking for the perfect house and they are willing to pay for it. So, as a seller, get your house in top condition and price it right to get it sold and not be just “for sale”.

Lately, the news and social media have been inundated with information on the Coronavirus. The stock market has dropped over 4,000 points and this question is now coming up in conversation more often; “should I be concerned as a buyer or seller?” At this time, there are concerns but as I previously mentioned, we are still in a great area with sales at a feverish pace. My concern would be more for buyers and sellers in the luxury market. As part of their wealth may be invested in the stock market and as a result, there could be a concern but as we know, the market continuously ebbs and flows and this one is no different. There will be a cure for this killer virus, the stock market will rebound, and houses will continue to be bought and sold. Have no fear! If you would like to discuss this in more detail, feel free to call me.

As always, I am here to help you and your family and friends with their real estate needs. Happy Spring!

 

May Market Update

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I’m Still Amazed…

The real estate market never ceases to amaze me. We have weeks, months and years where sales go up and down, prices go up and down, inventory goes up and down, but now, we are dealing with people’s emotions going way up and way down – including real estate agents. The lack of inventory in some areas have resulted in buyers losing out multiple times on their home of choice. They become frustrated and make irrational decisions on prices, terms or location. These decisions will have an impact on their financial lives as well as their quality of life (including potentially longer commutes). When clients lose out on offers multiple times, agents get frustrated too, either because the clients don’t listen on how to position themselves or with other agents believing they were treated unfairly during the negotiations. This is why it is imperative to work with an experienced agent to help you navigate through this emotional time in real estate. An agent that has been there before, understands what is going on and can provide the right advice so you (or someone you know looking to buy) get the proper guidance and the house you want – without getting tied up in the emotion adding stress to the situation. Well, guess what? I have been through these types of turbulent, emotional times and I can lead you or someone you know through these situations, just call me.  I will help everyone stay calm and focused on the eventual task which is getting the house sold.

Keeping with the amazement theme, we still have very low inventory levels – 20% below last year’s levels. This is creating the type of market I just mentioned. Unfortunately, sellers are not immune to the emotions of selling. Unrealistic expectations of timing, pricing and response times from buyers/buyer agents make for stressful times during selling. It is important to have the right expectations when selling a house, mostly to keep the seller on an even keel. Once again, I am here to help provide the right advice, guidance and emotional balance to get you through the home selling process, just give me a call. I am happy to help!

Have a great Memorial Day!

hello spring

 

March Market Update

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The Spring Market has Arrived!

The Spring Market has sprung into action! Although inventory levels are down, activity on listings is up, open house visitors are abundant and multiple contracts on listings are happening more frequently throughout Northern Virginia. In Arlington and close in locations, we are seeing contingencies getting waived and huge escalation clauses for buyers to win contracts. It is a good sign for our market to have such great activity and I expect it to continue for the next few months.

All this being said, pricing properties properly is still paramount to success in getting houses sold. Along the Route 1 corridor close to Amazon’s HQ2 people are definitely “future pricing” their houses. Their hopes to cash in are not bearing any fruit and I don’t believe this pricing strategy is going to get them sales any time soon. At this time, pinpoint accuracy in pricing is the strategy to undertake. Do not price for negotiations. Do not price higher because the neighbor received multiple contracts (as not all listings with multiple contracts are going above list price as I mentioned last month’s newsletter).

If you are a buyer, do not despair, we can help you find a house even in the low inventory market dynamic that we are currently experiencing. Although we are below 3,000 active houses for sale in Northern Virginia, the pace of houses coming on the market for sale is increasing each week. We also have access to “Coming Soon” properties through our network of professionals whom we deal with on a regular basis. Having someone scout out properties for you before they officially hit the market is extremely important, so please feel free to call me to discuss this in more detail.

Don’t forget to set your clocks ahead this month and get out there and enjoy the longer days!

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Scott’s Market Minute 2/1/19

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I’ve been talking about it for a while now…. the inventory levels are still at an epic low! Thinking of selling in the spring? Don’t wait ..learn more in Scott’s latest Market Minute Message. #remaxgateway #northernvirginia #realestate

Give me a call to talk about your unique situation 703-652-5777 or email me at scottmacdonald@remax.net

Scott’s Market Update

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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

 

A Quick Minute of Motivation

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In this new motivational series, Scott will highlight how to become a Peak Performer.

In today’s Peak Performer Series message, Scott talks about being 4th Quarter Strong! We’re in the 4th Quarter of 2017, are you going to finish out the year STRONG? Listen to this quick message with my tips for making these last few weeks of 2017 count!

Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net

Now go sell something!

October Market Update

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As the summer comes to an end, we’re seeing the real estate market continue to move steadily along. We don’t anticipate any drop off in sales as we enter the fall selling season. We have buyers looking to enter the home buying market – especially first-time buyers. Interest rates remain low, new loan programs are becoming available to help cash strapped purchasers and these opportunities are available in all price points. As I see it, our challenge will continue to be inventory levels, as many home owners are staying in their homes. They are doing so because they are not able to find homes to fit their needs in available move up price points. We are also seeing an increase in the amount of people that are renting their houses since they are gaining equity and have low interest rates/payments which allow them to have positive cash flow.

We also have three types of sellers – those who want to sell, those who need to sell and those who have to sell.  Those who want to sell typically take their houses off the market as we head into the holidays, therefore reducing inventory.  As long as we have houses to sell, the market will stay steady.  Let me know if you have any questions or concerns if you are considering selling – the market conditions just might be in your favor.

Lastly, please keep an eye on what is happening with the President’s Tax Reform – doubling the standard deduction, eliminating state and local tax deductions and only having three tax brackets. Industry professionals predict these may all affect home values by 10%.  Again, if these changes occur, it could affect housing as tax payers who claim mortgage interest deductions may no longer be able to claim this deduction, thereby eliminating the need to buy as a tax plan.  Housing is critical to our economy so implementing this plan could put damper on the economic recovery.  Let’s hope this reform doesn’t pass in its current form.

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Have a happy and safe Halloween!

Scott’s Market Update 8/12/17

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Consistency – is it a good thing? Bad thing? Or both? Find out more in this week’s Market Minute message.

Are you interested in finding out the current value of your home? Give me a call to stalk about your specific situation – 703-652-5777 or email me at scottmacdonald@remax.net

Scott’s Market Minute 7/21/17

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Did you know that the last 2 weeks of July are the MOST popular weeks in the summer to take a vacation? While you’re vacationing, here’s what’s going on in the Northern Virginia market…..

Is now the time for YOU to buy or sell?  Interested in learning more about the market and the value of your home? Give me a call at 703-652-5777 or scottmacdonald@remax.net