Scott’s Market Update 8/18/17

College bound this weekend … is anyone else doing the same thing? The market is holding strong, inventory is low, but that is normal for this time of year. When will it pick back up? Check out my latest market minute message for more details!

Would you like to discuss your specific situation? Give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

Have a great weekend!

Scott’s Market Update 8/12/17

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

August Market Update

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Wow, what a year we are having in Northern Virginia real estate!

Inventory remains low – 13% below last year’s inventory levels, yet sales year over year are up 7.7%. We still have low interest rates and new loan programs – including grant programs – that are becoming available to help more people buy homes. Additionally, days on market are down to just 32 days which is unreal. As a result, we only have a two-month’s supply of houses in all of Northern Virginia. These factors, coupled with strong demand, has prices up over 2%. This is very moderate growth in housing prices, which is sustainable, so there is no fear of a bubble here. The projections for housing prices in our area are an increase of nearly 6% from June of 2017 to June of 2018.  If you are considering a move, now would be the time!

In July, our sales pace was very comparable to last year sales numbers which were strong – we would like this momentum to continue for our sellers. Historically, August inventory levels have stayed relatively flat, but sales do trend down. Let’s keep an eye out to see if this trend continues.

The one other area to keep an eye on is distressed inventory. Short sales are creeping back into the market. Many people who purchased homes back in 2006 and 2007 did so with interest only loans for 10 years, then they adjust to fully amortized loans over the remaining 20 years. This results in big monthly payment increases. Some of the home values are not back to the original purchase price, so refinancing is not always an option for the owner, hence the increase in short sales. It is a tough situation for many people – let’s see how this impacts the market going forward.

School starts early throughout our region this year, so I hope you are able to take advantage of the few remaining weeks of summer.  As always, if you have any specific questions about your situation and the housing market, please feel free to call me anytime.

703-652-5777 or scottmacdonald@remax.net

Scott’s Market Minute 7/7/17

What do the Washington Nationals and the Northern Virginia Housing Market have in COMMON this week? Watch Scott’s message to find out!

Looking to buy or sell?  Now is a great time!  Give me a call to discuss your situation –
703-652-5777 or scottmacdonald@remax.net

Have a great weekend!

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!