Scott’s Market Minute 6/2/17

Do you plan on selling your home soon? If so, get comfortable… and watch this week’s Market Minute message for more details…

If you’d like to talk more about your specific situation, give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

Have a great weekend!

A Quick Minute of Motivation (a day late)

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

In today’s Peak Performer Series message, I have a very important question for you… Check out my short video to find out what it is…

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

Now go sell something!

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 discipline. You may have the desire, but do you have the discipline? Learn more in this weeks quick video.

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

Now go sell something!

And don’t forget to subscribe to my blog at www.scottymacsblog.com

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, newthe perfect viewly 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…

Are you experiencing a real estate dip (it’s not a rut)? Don’t lose motivation!  Here’s some motivation to get you out of that ‘dip’ – a quick minute of motivation message from Scott.

Contact Scott MacDonald 702-652-5777 Broker/Owner of RE/MAX Gateway for more information and motivation!

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.

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 Happy New Year 2016 from REMAX GatewayI 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.

Real Estate Market Changes and Challenges November 2015

Leaves are falling and so is our inventory of homes for sale in Northern Virginia.  It is typical that homeowners who don’t need to sell or don’t have to sell take their homes off the market this time of year.Fall 2015 Real Estate Update  Along with the falling leaves and inventory, house sales are also falling – again, typical for this time of year.  Many potential homebuyers take a break over the holiday in anticipation of the spring market.

All this being said, there are sales happening in the marketplace.  Year over year sales are up in Northern Virginia as are sales prices making our housing market healthy.  If you have a situation which causes you to sell, now is a good time to do so.  With lower inventory levels and serious buyers in the market you can set your house apart from the competition to attract a sale.  Couple this with mortgage interest rates remaining low adds to the allure of home ownership right now.

On an interesting note, the SEC passed a ruling – Title III – which will allow retail investors to have access to invest in private businesses without that company having to register with the SEC.  This could have an impact on real estate as Equity Crowdfunding is a $2.5 Billion market.  These are groups that are forming to purchase properties and rent them out or fix and flip them.  This ruling goes into effect in 90 days and it won’t transform real estate overnight but it is something for us to keep an eye on moving forward.  To learn more about this, please feel free to call me 703-652-5777.

Oh, and we cannot forget, it is that time of year again, when the holiday season comes into full swing!  We have Thanksgiving right around the corner followed by Christmas and New Year’s Day – lots of time to spend with family and friends.  We wish you a happy time this season and hope you have a great holiday season.  And always remember, if you have any questions or concerns about real estate, we are here to help!

Scott MacDonald

RE/MAX Gateway

4090B Lafayette Center Drive, Chantilly, VA 20151

Offices strategically located throughout Northern Virginia.

4 Most Important questions we ask this time of year: Are the kids back in school yet? How was your Summer? How is the Real Estate Market? How are Interest Rates?

Wow, the summer real flew by this year.  Swim meets, baseball games, family vacations and house sales all made time fly. As school begins and Labor Day is upon us, we generally see a little slow down in our market but a few weeks into September and through the first few weeks of November we see the market generally pick back up and this year should be no different.

In my daily routine I often run into friends, past clients, other real estate professionals and of course my agents.  The question most asked is “how’s the market”.  The answer is always, “it depends”.  Are you a buyer, seller or are you looking to rent or are you a landlord PLUS, where are you speaking about the market specifically?  The reason is, it is different under each scenario and in different locations.  Real estate is and will always remain, hyperlocal.  Generally speaking, the Northern Virginia market is better than it was last year.  We have more sales, prices are stable, but there are also more homes for sale.  There are pockets where inventory is low and others where inventory is increasing making it even more important today to speak with a professional about your situation in more detail.

The second most asked question is “how are interest rates and are they going up anytime soon?”  Mortgage interest rates remain great hovering right around 4% for 30 year fixed loans.  A few months ago the Fed spoke about raising rates around this time but with the recent financial market setback and the fact that the job market for higher paying jobs is still flat, it appears a rate hike is not likely.  Additionally, with an election year just ahead of us, no one will be eager to raise them while trying to get re-elected or be in favor of an increase if they are trying to get elected.  Therefore, it does not appear we will see an increase in rates anytime soon keeping our interest rate environment stable.  To learn more, please feel free to call me.

So, kick back and enjoy the Labor Day holiday with friends and family as I climb Mount Kilimanjaro.  I will report back about our great adventure next month.  We are accepting donations until October 3rd so please feel free to help our cause by visiting http://fundraise.thelastwell.org/scottymac and make a difference in the lives of others.

Thank you!

Scott MacDonald