Scott’s Market Minute: Spring Real Estate Market Is Warming Up

Residential inventory of houses for sale in Northern Virginia is beginning to pick up and the Washington Wizards kicked off the playoffs with their first win! Get all the stats here and everything you need to know to set yourself up for success! Are you buying or selling? Contact Scott MacDonald (703) 652-5777 scottmacdonald@remax.net to find out the best strategies to put yourself ahead in this housing market.

Scott MacDonald

RE/MAX Gateway

Video

Northern Virginia Homes For Sale – The Inventory Is Climbing!

The inventory of homes for sale in Northern Virginia is growing quickly. You need to know how to set yourself up for success in this Spring real estate market! Are you buying or selling? Contact Scott MacDonald (703) 652-5777 or email scottmacdonald@remax.net for information and strategies to put yourself ahead in this housing market.

Scott MacDonald

RE/MAX Gateway

Things Heat Up: Valentines Day and the Northern Virginia Real Estate Market

Thinking of buying or selling a home in Northern Virginia? Scott MacDonald of RE/MAX Gateway offers valuable information to home sellers, buyers, and REALTORS and what is driving the real estate housing market in his video blog Scott’s Market Minute.

If you are thinking of selling in 2014, now is the time to get the answers to your questions. Contact Scott MacDonald (703) 652-5777  There’s still time to get your home listed for sale in this early Spring market!

Buyers, the resale home inventory is very low and rates are beginning to climb, now is the time to buy a home! Email Scott for a free optimized homes for sale search engine or list. ScottMacDonald@remax.net or read more… https://scottymacsblog.com/

Scott MacDonald

RE/MAX Gateway

Aside

How to Get Multiple Offers On Your Home For Sale In Northern Virginia

Unlike the weather, the real estate market is HOT!

WINTER SCENEWe currently have a 1.8 month supply of houses on the market in Northern Virginia.

Interest rates remain low so buyers are buying homes and jobs in the DC Metro area continue to be created so people are looking for housing in our market.  We expect this trend to continue for the next several months.  Sellers are in the proverbial driver seat if they do the right things to their property before putting it on the market.  If you are considering selling your house, read more below…

As I mentioned, right now our biggest issue is finding houses to sell.  We currently have 3,850 properties for sale in all of Northern Virginia – down from a high of the last year when we had 6,005 in the second week of October.  That is a 36% decrease in houses for sale in just 3 months.  We expect more properties to come on the market as the ice and snow melt, as well as, into the spring market but we have a lot of people looking so I don’t see that it will have a huge impact in regards to our inventory level moving forward.

The low inventory situation has resulted in multiple contracts on properties that are in great shape, priced well and show well.  As properties come on the market that are in the same situation, they too will have multiple contracts.  Therefore, buyers need to be prepared.  We have developed a strategy to help buyers position their contracts to win when in competitive situations – check out my blog to learn more – www.scottymacsblog.com simply search for multiple contracts or click the link here.  Sellers need to seek our advice when selling so we can help stage the house, give direction on what improvements/repairs need to be made and to price the home properly so they can take advantage of the market.

REMAX FOR SALE SIGN SOLD

As always, I am available to answer any questions you may have in regards to your personal situation so feel free to contact me anytime.

Scott MacDonald

RE/MAX Gateway, LLC

(703) 652-5777

scottmacdonald@remax.net

Aside

Is it over yet? Why Northern Virginia Home Sales Went On A Wild Roller Coaster Ride

October took the real estate market roller coaster ride.

Rates went up, rates came down.  Sales went down, sales went up.  Inventory rose, inventory came back down.

Real Estate Market Roller Coaster Ride 31OCT2013

In some areas, the number of multiple contracts went down, then they went back up.  Inventory of short sales and foreclosures were down, then they rose but luckily by not too much.  The government shut down and the government opened back up – luckily, it was not too long and did not have a tremendous impact on the housing market.

Our emotions went up, our emotions came back down, as there was a lot of concern about delays in closings associated with the shut down because of the reduced number of employees at FHA and the IRS, but we avoided a potential disaster there.  Additionally, we were worried about the government defaulting on their debt which would have sent interest rates skyrocketing, and again, fortunately, this did not happen.

Even though there were so many ups and downs, the market in October this year was still better compared to a year ago.  There were more home sales, higher home prices and more homes for sale for buyers to choose from, although the uncertainty skewed people’s perception.  So now you know why October was such a roller coaster for real estate.

What lies ahead on the horizon as we enter the winter market?  My belief is we will be in our typical winter market.  Homes will come off the market for the holidays.  Motivated, savvy buyers will be out buying homes.  Interest rates will remain in the low 4% range.  Home prices will continue to stabilize throughout the Northern Virginia area.  Houses that are priced right, in the right condition and right location will see multiple offers and our market won’t be as up and down as it was in October.  Basically, we will continue to have a robust housing market locally.

To learn more about your situation, please feel free to call me today. Scott MacDonald (703) 652-5777.

Scott MacDonald

RE/MAX Gateway, LLC

Forecasting The Real Estate Market With Government Shutdown

Wow, where did September go?  It was a very interesting month – kids went back to school, football season started, the weather has changed, the housing market remained strong and the government shut down for the first time in 17 years.

Forecasting The Real Estate Market With Government Shutdown

It will be interesting to see how the stock market reacts to the government shutdown, what the impact will be on rates, the housing market and how long it lasts.  If it is a quick shut down, we will probably see little reaction in the stock market and as a result, rates and the housing market.  If it is a prolonged shutdown of a few weeks or more, the stock market will have a negative reaction, rates will rise as bond yields decrease and we could see a loss of momentum in the housing sector of the economy.  What will happen to government backed loans in process and how will it affect settlements?  None of these are helpful to our economy since the housing recovery leads the economic recovery as a whole.  At this time, it appears as if this could last longer than just a day or two so let’s get prepared for a rocky economic road the next few weeks.

Let’s talk about the real estate market in September.  We did see a pickup in sales over last year in Northern Virginia.  Inventory increased slightly which gave buyers more choices.  As inventory increased, distressed properties made up a lower percentage of this increase which is great for home owners.  New home sales continue their strong pace of sales.  Interest rates came back down as the government eased off their threat of reducing their purchasing of mortgage backed securities and we still see multiple contracts on properties in certain price points and locations.

All in all, September was a good month for Northern Virginia real estate.  We need this trend to continue, so let’s hope the shutdown gets resolved more quickly than it appears it will.

If you have any additional questions or concerns, please feel free to call me directly (703) 652-5777

Scott MacDonald

RE/MAX Gateway, LLC

What You Need To Know When Buying or Selling a House In Northern Virginia This Summer 2013

The real estate market continues to be hyper-local today.  We are seeing multiple contracts in many areas and yet houses are sitting on the market in others.  Prices are rising in many areas while we see price reductions in others.  We see houses staying on the market for mere hours to just a few days in some areas while other markets see houses staying on the market for over 30 days to even longer further out from Washington.  If you are buying or selling it is important to seek the advice of a professional so you know what the market is like in your area of interest to give you the right advice.

Image

There are some aspects of the market that are not hyper-local.  These areas that are influencing the market are interest rates and distressed property inventory.  Interest rates have been on the rise for nearly the whole month of May.  Don’t get me wrong, interest rates are still great and people shouldn’t be concerned but if you are waiting for them to come back down to make a move, the sage advice is to do something now and don’t delay as it will cost you more in the future.  As far as short sales and foreclosures are concerned, their numbers continue to dwindle in Northern Virginia which is great news for everyone who owns a home.  As of the end of May, only 6.1% of the total inventory was made up of distressed homes and they represented only 8.2% of sales in the region.  How does this affect the market?  These numbers have help aid in the rising of prices throughout our area as there are fewer blighted properties, more people caring for their yards and homes so everybody wins.

Our real estate market continues to be one of the best in the country because of our low unemployment rates, increasing property values, tourism, plus we have easy access to water, mountains and all the Washington DC metro area has to offer.  Please let us know how we can help you or someone you know looking to buy or sell a home.  (703) 652-5777

Scott MacDonald

RE/MAX Gateway, LLC

 

Scotts Market Minute Prelude to Summer Real Estate Market in Northern Virginia

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

Platinum Group: Hot Topics in the Northern Virginia Real Estate Market

In a recent Platinum Group meeting we discussed many hot topics in the real estate market today.  They included the appraisal issues we are encountering that I discussed in my last blog, new home sales, the rental market and of course, low supply and high demand.

New home prices are rocketing up, incentives are going away, one builder sold 13 houses last weekend in Prince William County and took closing costs down to just $5,000 when they were offering more at the beginning of the weekend.  Nationally, new home sales dropped but not in Northern Virginia.

Platinum Group Hot Topics FEB 2013 scottymacsblog

Lack of resale inventory is leading buyers to new homes.  When buyers go to new homes, their prices increase.  Be careful as a lot of builders don’t have appraisal contingencies in their contracts.  Ask what happens if house doesn’t appraise.

The rental market continues to be on fire.  We have a 1.7 month supply of rentals available in Northern Virginia.  Prices have stabilized and move quickly when they are in good shape.  Additionally, in a recent article, it was estimated there will be another 6.6 million renters in the market.  It makes now a good time to work with investors, understand the rental process or even start a property management company.

One other topic we discussed was the lack of inventory of resale properties on the market.  It has been mentioned that we are at an 11 year low in terms of available properties.  When something is desirable, we have seen as many as 14 contracts on one home.  It is time to structure offers for our buyers so they can win in multiple contract situations.

 

To learn more about the market or our networking group, feel free to reach out to me.  scottmacdonald@remax.net

Now, go sell something!

Video

A Short Tale About Home Inventory In The Northern Virginia Real Estate Market

Scott MacDonald shares current information on the Northern Virginia housing market. Scott’s video blog offers the latest on shortsales, foreclosures, appraisals, rental market and housing inventory – and his hair! Thinking about buying or selling your home? Contact Scott directly (703) 652-5777 or scottmacdonald@remax.net Read more… scottymacsblog.com