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.
RE/MAX Gateway
The summertime real estate market is a lot like a theme park – ups and downs like a roller coaster with sales, activity and interest rates and a lot of unknowns like a haunted house.
There are a lot of questions around what is happening in the market from sellers and builders we are working with to sell their houses.
It is an interesting dynamic where we have extremely low interest rates – at or near 4% – and a high home affordability index yet sales are not as strong as we expect them to be considering this situation.
What are the reasons for this?
One potential reason is price appreciation along with the multiple offers earlier this year. Many potential homebuyers naturally paused to wonder: is it a new bubble? Or can I afford these prices? But price appreciation has greatly moderated as we have seen inventory rise dramatically since the beginning of the year.
Therefore, potential homebuyers will no longer face the sticker shock and can now make rational decisions about whether or not it makes sense to buy a home.
Along with the increase in houses on the market, we will be creating new buyers as these homes sell. So demand will increase as more sales happen in many instances.
Another reason is the economy isn’t growing as quickly as was expected and consumer confidence is not extremely strong. Once buyers gain confidence in the economy, housing will follow suit and grow with the economy. Until then, we will see moderate house sales as well as price appreciation.
We also are still experiencing tight lending guidelines and underwriting policies on mortgages. It is still hard for many potential buyers to obtain loans. The “qualification pendulum” is still too far to one side and needs to be moderated to allow more buyers into the marketplace with sound lending practices.
So, in order to be a seller in today’s market, you need to be patient. Good houses, properly priced, in the right condition will sell. It will just take a little longer.
If you have any questions or concerns, please call me (703) 652-5777 so we can discuss your personal situation in more detail. We are here to help.
Happy 4th of July!
RE/MAX Gateway
Wow, it is hard to believe that we are almost half way through 2014 and summer is just about to get into full swing. It is going to be interesting to see how we get through the real estate market this summer as we had no true spring selling season. At our June Quarterly Meeting, I announced our numbers were up so far this year but we were expecting to have helped more families buy and sell homes up to this point. Of course the weather got in the way early on and now that school is about to get out, people will be taking their vacations. So it is important for sellers to be prepared for the upcoming situation.
Our inventory levels have continued to escalate since the warm weather broke in May. It has resulted in us having more homes for sale than any time since October on 2011. As we enter the summertime, the season generally slows down which will increase inventory as well, so sellers need to do all they can to attract the buyers that are out looking for a new home. Sellers need to position their properties accordingly, as there is currently a 2 month supply of houses on the market. The inside and the outside of the house needs to shine and show like a model home, as well as be priced to sell! We are not able to “push” prices like we did earlier this year. 
The sellers who overprice their properties, even just above what we recommend, sit on the market. Additionally, we are having appraisal issues with properties in areas where there are no sales to support the higher values – even in multiple contract situations in arm’s length transactions. The underwriting guidelines have made it tougher to get above market values approved, so please price your house accordingly.
If you have any questions, concerns, or would like to discuss your specific situation or the market, feel free to call me today (703) 652-5777.
RE/MAX Gateway
The early Spring 2014 Real Estate Market has had many challenges: snow, rain, and low inventory… now the tides have turned. Listen as Scott MacDonald explains and offers the insight and strategies needed to buy or sell a house in Northern Virginia. If you would like to discuss your personal real estate market options or challenges, give Scott MacDonald of RE/MAX Gateway a call (703) 652-5777
Now that the spring market has sprung – inventory levels too have sprung into full bloom.
Our inventory levels are at three year highs with over 6,100 homes for sale in Northern Virginia. We have not had this many homes for sale since November of 2011 – nearly 3.5 years ago. This is good for buyers who are searching for homes but sellers need to be cognizant of what this means to them.
Inventory levels are up 36% over this same time last year so sellers need to be competitive when they put their properties up for sale. What we have been seeing in the market is buyers are very discriminating now when it comes to their home selection. Properties need to be in model home condition, have great curb appeal and need to be priced right in order to get offers. When homes meet these criteria, they often times are receiving multiple offers while their neighbors who haven’t staged their homes, haven’t gotten them into model home condition or haven’t priced them properly sit on the market. We see sellers push values and stay for sale for extended periods of time. We see other sellers who don’t declutter or continue to “live” in their homes versus stage their homes properly and they sit on the market. Lastly, we see sellers not make the appropriate upgrades like painting, carpet replacement, adding granite, etc. and their homes continue to stay up for sale while others sell. Many of today’s buyers don’t want to make the upgrades, don’t have the vision to get homes into the right condition or don’t have the funds to make the improvements but qualify to buy the homes that have been put into the proper selling condition. As inventory levels rise, it is extremely important to make your house as competitive as possible to get it sold because there are buyers out there.
On another note, interest rates remain low which is helping purchasers become home owners both as first time buyers and as move up buyers which is good for our market. As rates increase, we will see people embrace adjustable rate mortgages as an option – especially first time buyers as their objectives are to only stay in the property for a short period of time. If you are considering a purchase, please ask about ARM’s and if they are a viable option for you.
Let’s hope the weather heats up and helps fuel the real estate market. The winter was brutal and the comment was made, if you can’t get out and buy milk and bread, you can’t get out and buy a house. Come on warmer temperatures – we need ya!
House inventory has dramatically increased in Northern Virginia. Buyers have more options. Real Estate Agents & Sellers alike… You need to watch this video blog for tips and tricks to help sell the home. Want to talk about your property in specific? Call Scott MacDonald (703) 652-5777 or email scottmacdonald@remax.net read more… https://scottymacsblog.com/
We had a great training session with John Chapman and Nathalie Palmer from Omni Appraisal Services about the current market and how to help get your properties to appraise for the contract sales price or at least get better results.
Here are a few key items to take into consideration when know who you are working with on your appraisal:
Did you know there are two types of appraisers?
– Licensed and Certified
Do you know the difference?
What you need to be prepared for your appraisal:
Steps to overcome low appraisal
Appraisers need to be concerned with the following items:
Integral issues for appraising
As you see, it is extremely important for you to be a professional agent, do you job thoroughly for you clients and get the results that everyone is looking for from the appraisal process. Get it? Got it? Good!
Now, go sell something!
RE/MAX Gateway, LLC
Scott’s Market Minute May 20, 2013
Scott MacDonald offers current market stats and information in his Market Minute for Northern Virginia. Inventory has increased slightly offering buyers a little more to look at. Home Buyers and Sellers will want to keep in mind that by closing before July 1, 2013 Grantor’s Tax increase you will save money. There’s still time to get your home listed for sale and sold! Call Scott MacDonald (703) 652-5777
Scott MacDonald advises again on multiple offers, contract situations, as well as, short sale scenarios in Northern Virginia. As the Spring real estate market starts to heat up, don’t let Buyers grow cold. Read more Seller & Buyer strategies or give Scott a call to discuss (703) 652-5777
Agents, title companies and sellers beware. There is a scam that is out there that is hurting our industry. If you receive a contract from, hear or read about buyers from out of the country that are looking to pay cash for a house, that want to settle quickly, want to use your “reputable” settlement company and have never seen the house, run fast as you can from this situation. They will promise to wire the funds to your title company or the real estate company once the contract is ratified – usually late on Thursday or on a Friday – conduct a home inspection through a friend or relative over the weekend, then void the contract and request their funds be wired to their account by Monday or Tuesday at the latest. What is the problem you ask? The wire transfer is counterfeit and everyone gets caught in the middle and the buyer receives money that was never theirs from the title company or real estate office. In some scenarios, they will say their country won’t allow them to wire the funds but will have their friend or relative drop off a certified check. These funds too are counterfeit and the funds should not be released to the buyer unless verified they are valid funds.
What can you do to prevent this you ask? First, make sure they have seen the house – not just pictures on the internet. You wouldn’t buy a house this way and only a very few select people would – military or investors being ones that come to mind. Also, do as we do, Google the buyer, the buyer’s agent and the lender on every case. See what you can find out about them. See if they are on social media sites like Facebook or Linkedin. Learn all you can about them. In addition, check DPOR and see if there are any outstanding violations with the agent at the state level as they too may be in on the scam. Conduct your due diligence – ask to see “proof of funds” from a reputable source and Google the source if you are not familiar with them. And lastly, don’t accept the contract until the funds prove to be valid which can typically take 3 to 4 days of deposit into an account.
Here are examples of what other agents are receiving from the web. They may take on different forms of these emails so be on the alert. Some agents believe this to be a scam to sign up for Docusign but it is really a scam to get money.
One agent received a lead through Realtor.com
Att. Please i will need an offer on this,
Thank you very much for the email, I would like to purchase this property MLS # 4214263, located at 15380 Little Stone Way Alpharetta. The indicated price is $613,000.00 Please note my offering price is $600,000.00 Please send me the contract for this property and the following phrase should be added on the contract.
1. I will want to close on 12th June, 2011
2. I want to put down $30,000.00 Earnest money
3. I want to put contingency on inspection on the contract.
I and my wife will be buying the property and the buyers name should be. Leo Thang and Jiao Thang. Our address is 4645 Jane Street, Toronto Ontario Canada M3N 2K9
Please forward me a purchase contract agreement via docusign format, their website is http://www.docusign.com/ or any other electronic document I don't have access to a printer or scanner here therefore I can not sign and send it back in PDF format I am in a remote area now and i will like to do the signing myself on behalf of my wife.
I would also like to use a reliable title company for the closing. Kindly advise regarding this issue.
Thanks for your understanding. I await the purchase contract agreement as soon as possible.
Regards,
Leo Thang
Tel;003463236828
And some just receive leads through email…
Larry Sabo – Realtor in California
Dear Larry Sabo,
Att. Please i will need an offer on this,
Thank you very much for the email, I would like to purchase this property MLS # 116400, located at 3403 Beaver Brae Dr South Lake Tahoe, CA 96150.The indicated price is $659,000.00 Please note my offering price is $640,000.00 Please send me the contract for this property and the following phrase should be added on the contract.
1. I will want to close on 13th June, 2011
2. I want to put down $30,000.00 Earnest money
3. I want to put contingency on inspection on the contract.
I and my wife will be buying the property and the buyers name should be. Leo Thang and Jiao Thang. Our address is 4645 Jane Street, Toronto Ontario Canada M3N 2K9
Please forward me a purchase contract agreement via docusign format, their website is http://www.docusign.com/ or any other electronic document I don't have access to a printer or scanner here therefore I can not sign and send it back in PDF format I am in a remote area now and i will like to do the signing myself on behalf of my wife.
I would also like to use a reliable title company for the closing. Kindly advise regarding this issue.
Thanks for your understanding. I await the purchase contract agreement as soon as possible.
Regards, Leo Thang
As you can see, Leo Thang is just one person attempting this across the country – there are sure to be others. Become educated on the red flags, stay on alert for anything unusual similar to this situation, and keep yourself and your sellers from becoming victims of a scam. Get it? Got it? Good!
Now, go sell something – legitimately!
Scott's Motivation and Real Estate Market Updates 