Unlike the weather, the real estate market is HOT!
We 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.
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.
RE/MAX Gateway, LLC