Groundhog day in November?? It seems that way to me in the day-to-day operations of running a real estate business. What we continue to hear over and over is – “wow, the market sure has slowed down,” but I am here to tell you that it hasn’t. The number of sales is higher today than at any other time in Northern Virginia during this same time in previous years. The pace is not as frenetic as it was early in the year, but the numbers are still strong (versus any other year since I started keeping track of the numbers in 2005). Houses are staying on the market for an average of 18 days now versus 14 days previously. Does this mean the market is slow? Not at all.
In 2008, we had an 11-month supply of houses – nearly 330 days on market. That was a slow market; this one is not. It is important to keep everything in perspective and have the right expectations when selling your house. If the house is in the right condition and priced properly, your house will sell. It may not have double-digit contracts, it may only have one, and it may take a couple of weeks, but it will sell as we continue to have a high demand for housing.
So, what does this mean from the buyer’s perspective? With low inventory levels, some buyers are still facing challenges. As I mentioned, we are not seeing many double-digit contracts on listings. However, we still see some homes receive multiple offers, so it is essential to put your best foot forward when making a strong offer. We can give you the right advice to make your offer stand out, so call me to discuss your plans for moving.
Interest rates are creeping up, and prices are creeping up, so the cost of ownership is increasing. If you are considering a move, don’t delay. Instead of waiting a few months, buying now could make a few hundred-dollar difference in your mortgage payment. It’s time to get off the fence.
I hope you have a wonderful Thanksgiving and enjoy the start of this holiday season.