The Northern Virginia real estate market continues to remain stable. Recent numbers show that houses are selling, prices are raising slightly, and inventory levels are increasing slightly. All of these numbers are at healthy levels in my opinion. This news is making now a good time to both sell and buy a property.
One thing that has been a wild card is interest rates. Increased rates can hamper the steadiness of our market and right now they are near 2015 highs. Over the past 3 weeks, there have only been two days where rates managed to improve even a little bit. Four out of the past six days have seen uncommonly big moves higher. These are the sorts of moves that we’d normally only see 2-3 times per month, so to see 4 of them in just over a week is alarming. It is definitely an area we need to pay attention to moving forward.
Going forward, I see more of the same out of our housing market. There will be a good home selection for buyers to choose from, reasonable prices and rates remaining in the 4% range. As good homes come on the market that are priced right, they are selling because there are buyers in the market looking to own. Houses that have been on the market because the owners “pushed” prices, didn’t have them in the right condition or just had bad timing (putting them on the market at the end of October) will continue to sit. Buyers want fresh listings, not old, tired listings that have been lingering on the market. Therefore, it remains critical to have your house staged, in the right condition and priced right to get it sold if you are looking to put your house on the market.
If you have any questions or concerns about your situation, feel free to call me today 703-652-5777 . I am happy to discuss how we can help you.