Scott’s Market Minute 7/14/17

What do the Washington Wizards and prospective home buyers have in common? Find out in this weeks update.

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!

July Market Update

Wow, it’s the Fourth of July already!

Will we see our sellers celebrate?  Will we see our buyers celebrate?  The answer – it depends.  This answer is not ambiguous, a lot depends upon the location and price point of the home.  For a majority of the Northern Virginia area, houses priced under $600,000 are selling quickly, unless they are condos. The ones priced above $600,000 are sitting on the market accumulating days on market, unless they are inside the beltway where they are having better luck selling.  So now you will know which sellers will be celebrating and which ones won’t.

happy 4th of July_FB post

Also, if you are a buyer in the under $600,000 price point, you may potentially be in a bidding war and may need to put in an escalation clause to get the home. If not, you may miss out on a few homes because others are willing to pay more. Therefore, no celebration for you.

If you are looking above $600,000 and the sellers have accumulated days on market and truly need to sell, you can often times get a bargain price on the home of your dreams. This is cause for celebration!  Now you know.  Obviously this is a very general comment, each situation is going to be different so be sure to call me to learn more about what you may face in any of these scenarios.

The sales pace slowed down slightly in June and we expect this pace to continue through July and August, as it typically does. This being said, there are still over 900 house a week selling in Northern Virginia. Interest rates are fantastic, so the buying environment is rich. One thing we are noticing is there are more loan programs available and credit is easing, so this could bring more buyers into the market. Let’s keep a close eye on the easing part as we don’t want to go back to the situation that happened in the early to mid 2000’s.  If you have any questions, please don’t hesitate to call me.

I hope you have a great 4th of July and celebrate in style!

 

A Quick Minute of Motivation

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

In today’s Peak Performer Series message, I wanted to remind you about an old saying… Sometimes you’re the windshield, sometimes you’re the bug. What matters is how you handle these days! Watch this quick message for more…

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

Now go sell something!

June Market Update

Summer is here!

Wow, that was one of the fastest months ever, in my opinion. Memorial Day weekend came and went in a blink of an eye, so it must be the height of the Sandbridge Beachdynamic spring market! Median days on the market in Northern Virginia is just 8; the average days on the market is 42. So, houses are virtually selling immediately (often with multiple offers) or they are taking a little while longer to sell. Right now, we are seeing very demanding
buyers in the marketplace. If the house is priced a little high or isn’t updated or staged, they are getting a lot of activity in the first week, but then showings fall off tremendously after that time frame.

So, what is fueling all the activity? There are a few factors, first there is a lot of demand – in certain price points, more on this shortly. Second, interest rates are still great – right around 4% for a 30-year fixed mortgage. Some people are taking advantage of adjustable rate mortgages too. Third, we continue to experience a strong local job market with many people relocating into the area for this reason. Fourth, prices are beginning to increase slightly, so many people are wanting to buy while it is still affordable for them to do so. Lastly, people have equity in their homes and can sell today to move into a larger home or closer to the city to reduce their commute. This is all good news for both buyers and sellers!

What is the situation with pricing I mentioned earlier you ask? The under $500,000 price point for houses and townhouses is on fire, representing a great majority of the median days on market. Yet, homes priced in the $650,000 -$800,000 range outside of the beltway are slow which is causing an increase on the average days on the market number. The upper price points (above $800,000) are seeing activity and sales which is always good for our local market.

I expect to see more of this type of activity and sales at least through the 4th of July. So, if you are considering selling or buying a home, please feel free to call me to discuss your situation in more detail.

Now, go enjoy this beautiful weather!  Happy Summer!

 

 

 

 

 

Scott’s Market Minute 5/19/17

Another interesting week in the real estate market! Inventory is up, consumer confidence is up, rates are down…but there are some soft spots… Learn more in this weeks Market Minute video message.

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

Have a great weekend!