Mixed reviews for the first full week of June. Find out more in Scott’s Weekly Market Minute message.
Would you like to talk about your specific situation, we’d be happy to help. Give me a call at 703-652-5777 or email me at scottmacdonald@remax.net
housing
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 
dynamic 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!
Scott’s Market Minute 5/12/17
It’s been another crazy week! It’s a patient market…. learn more in this week’s Market Minute video!
If you have any question about the market, feel free to give me a call at 703-652-5777 or email me at scottmacdonald@remax.net
Scott’s Market Minute 4/28/17
The market is in full spring swing! Buyers are out there and ready to make YOU an offer. Are you ready to put YOUR house on the market? Need more reasons why now is a great time to do so?? Check out my latest Market Minute video…
Interested in learning more? Give me call at 703-652-5777 or email me at scottmacdonald@remax.net. Have a great weekend!
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 a VERY important four letter word that is necessary for your success… can you guess what it is?? Watch this quick video to find out more…
Need more motivation? Give me a call at 703-652-5777 or email me at scottmacdonald@remax.net
Now go sell something!
And don’t forget to subscribe to my blog at www.scottymacsblog.com
Scott’s Market Minute 4/21/17
Another interesting week in the Northern Virginia housing market … Interest rates are DOWN and inventory is…. check out my latest Market Minute for more info.
Interested in learning more about selling your home or buying a new one? Feel free to give me a call at 703-652-5777 or scottmacdonald@remax.net
Happy Earth Day!
Scott’s Market Minute 4/14/17
Captials, Wizards, Nationals – our local teams are HOT – so is the housing market! Check out what Scott has to say in this week’s Market Minute.
Have a great weekend!
Questions about the market or your specific situation? Feel free to give me a call at 703-652-5777 or scottmacdonald@remax.net
April Market Update
Crazy Weather, Crazy Market…
The Northern Virginia real estate market has been a lot like our weather in March…hot and cold. We’ve had some markets that have been on fire – Reston as an example; while others have been normal which makes Realtors and sellers feel on edge or think that the market is “cold”. It is extremely important to have the right expectation when selling your house – not every house sells in a day with multiple contracts. Many houses take a couple of months to sell. The current average is 62 days on the market in Northern Virginia. This is below the national average so we still have a great market. Buyers are buying and as result, the supply of existing houses for sale is down to a 1.2 month supply of homes. So, my advice is to be realistic if you are going to be selling your house and if you get a contract quickly, make the most of it, but don’t expect the process to happen fast.
Again, the good news is that sales are up 6% over last year, sales prices are up 2.8%, mortgage interest rates are still phenomenal and the inventory levels are increasing – so we should continue to see a good spring market. Even with inventory levels increasing, we are still 19% below last year’s levels. My belief is this will continue to happen for the next few months – inventory will rise but we will still lag behind previous years because we have strong fundamentals in place for a good housing market.
If rates continue to rise as a result of “Trumpenomics”, buyers will and should consider adjustable rate mortgages. Typically, ARM products like a 7/1 ARM run about ¾ of a point less in interest rates. As an example, 30 year fixed rates are about 4.25% and a 7/1 ARM is about 3.5% – definitely something to consider when buying a house today.
We can discuss your plans in more detail to see if this is a viable option for you. Please let me know if you have any specific questions or concerns as I am here to help!
Happy Spring Break and Easter!
Would you like to learn more? Give me a call at 703-652-5777 or scottmacdonald@remax.net
A Quick Minute of Motivation….
In today’s Peak Performer Series message, we continue the discussion about SUCCESS and the role EFFORT plays in your success. You need to put forth the EFFORT to be SUCCESSFUL and make things happen! How much effort is needed? Listen to Scott’s message for more advice…
Need more motivation?? Feel free to reach out to Scott at 703-652-5777 or scottmacdonald@remax.net
Scott's Motivation and Real Estate Market Updates 