July Market Update

Mid Year Update

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It is hard to believe we are already halfway through 2019. The two questions that I have are; where does the time go and where is the housing inventory? The number of houses in Northern Virginia remains extremely low – 20% below last year and nearly 33% from two years ago. The inventory with the lowest levels is in the first-time home buyer price range which is basically houses and condos priced below $350,000. At the time of this newsletter, there are only 717 properties for sale in all of Northern Virginia at this price point. These homes are flying off the market with an absorption rate resulting in a .75 month’s supply of housing. As such, we are seeing multiple offers as there just not enough supply for the number of buyers in this market. To climb the pricing ladder, we will see the month’s supply and inventory rise. As a comparison, houses priced between $350,000 and $500,000 have a .83 month’s supply with only 872 houses for sale. The $500,000 and $750,000 priced houses have a 1.2 month’s supply with 1,252 currently on the market. Both of these numbers are low, historically speaking, so don’t be alarmed if you are thinking of selling your house. Where we see the market slowing is in the $750,000 and above price point. In this price point, we have over a 3 month’s supply of inventory with 1,683 houses for sale. This is obviously a larger price range but shows the higher you go, the longer it takes to sell. I have mentioned many times if a house isn’t compelling – it isn’t selling and the best way to make it compelling is price. If you are considering selling in any of these price points, please call me to learn how to best position your house to sell for the most money in the least amount of time.

So, what does it mean for buyers? There are opportunities in the market to own but you need to be strategic in doing so in every price point. It is important to utilize the services of a professional to negotiate for you to get you into the home you desire. If you are considering becoming a homeowner for the first time or if you are moving up or down, give me a call to learn how this can be done for you.

Have a very Happy 4th of July and please be safe!

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about pushing yourself. YOU are the only one who can really push yourself to get the success in life you want to have. Learn more in my latest video.

Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net

June Market Update

The Summer Market is Upon Us!

It is hard to believe we are already through the Memorial Day holiday weekend. Time is really flying this year – at least it seems that way to me. Kids are home from college, summer jobs have started, weekend pool parties are in full swing and the real estate market is just as busy as it has been all year. Let’s start with the amazing mortgage interest rates that continue to tumble downward. They are now well into the threes for 30-year fixed rates and are expected to go down even further. This makes now a great time to buy a home! It can still be a challenge to find the right house, as inventory levels remain extremely low – 19% below last year this same week and nearly 30% below what was on the market two years ago. What is also amazing is that sales are up with inventory levels being down. Through April (latest available data point), there was one more sale this year than last year…one more is one more than before. I believe that interest rates will continue to foster sales through the summer as inventory will come on the market. Let’s talk about your plans if you are considering selling – we can position you properly to take advantage of today’s market.

All this being said, the market is not good to all sellers. The reason for this is some sellers are under the belief that their property will sell regardless of price and condition. We are seeing a lot of unrealistic prices on properties, as well as houses in disrepair or in need of substantial work to get the prices sellers are asking. We have seen average prices up over last year by 2.75% which is great, but it is not 2.75% per month like some sellers are pricing their houses at today (and “hoping” to get for them).

From a buyer’s prospective, we are still in a price conscience market. Buyer’s are concerned about paying too much and are analyzing prices closely, especially if they are using a professional REALTOR and not the internet to help them buy a house. The internet is not the way to buy a house today or anytime. The guidance and expertise of a real estate professional is more important today than ever before. If you are considering buying, we should talk sooner rather than later so give me a call.

Have a great June – enjoy the graduation parties!

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about things you can do to improve on a gaily basis. Check out a few of my tips in the latest motivational minute. Learn more in my latest video.

Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net

 

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. Today’s Peak Performer Series message is a different one – it’s not about you and selling anything. In today’s message I’d like to remind us all to take a minute to reflect and remember those who have served. Learn more in my latest video.

Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about unrealistic expectations. Do you have unrealistic expectations for perfection? Do you let this hold you back while you wait for the stars to align? Check out my latest motivation minute to learn why having unrealistic expectations can do more than hold you back.

Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net

Now go sell something!

May Market Update

I’m Still Amazed…

The real estate market never ceases to amaze me. We have weeks, months and years where sales go up and down, prices go up and down, inventory goes up and down, but now, we are dealing with people’s emotions going way up and way down – including real estate agents. The lack of inventory in some areas have resulted in buyers losing out multiple times on their home of choice. They become frustrated and make irrational decisions on prices, terms or location. These decisions will have an impact on their financial lives as well as their quality of life (including potentially longer commutes). When clients lose out on offers multiple times, agents get frustrated too, either because the clients don’t listen on how to position themselves or with other agents believing they were treated unfairly during the negotiations. This is why it is imperative to work with an experienced agent to help you navigate through this emotional time in real estate. An agent that has been there before, understands what is going on and can provide the right advice so you (or someone you know looking to buy) get the proper guidance and the house you want – without getting tied up in the emotion adding stress to the situation. Well, guess what? I have been through these types of turbulent, emotional times and I can lead you or someone you know through these situations, just call me.  I will help everyone stay calm and focused on the eventual task which is getting the house sold.

Keeping with the amazement theme, we still have very low inventory levels – 20% below last year’s levels. This is creating the type of market I just mentioned. Unfortunately, sellers are not immune to the emotions of selling. Unrealistic expectations of timing, pricing and response times from buyers/buyer agents make for stressful times during selling. It is important to have the right expectations when selling a house, mostly to keep the seller on an even keel. Once again, I am here to help provide the right advice, guidance and emotional balance to get you through the home selling process, just give me a call. I am happy to help!

Have a great Memorial Day!

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A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about doing videos. Are you doing them? If you aren’t you are truly missing out on huge opportunities. Learn more in my latest message and visit my YouTube channel to see more great samples of videos and relationship building: https://www.youtube.com/user/scottmacdonald5

Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net

Now go sell something! 

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about developing your scorecard. Do you have one? Are you tracking your results? What activities are working? Which ones are not? Learn more in my latest message.

Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net

Now go sell something! 

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A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about the importance of remembering your W.I.G. No, it’s not what goes on your head. Learn more in my latest message.

Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net

Now go sell something!