August 2020 Market Update

As we enter the dog days of summer and the Month of Miracles…

And prepare for a new version of back-to-school, I hope you and your family are safe, remaining healthy, and are making wise decisions when going out in public.

This month’s update may seem like a broken record, but it is what it is these days. Inventory levels of resales homes in Northern Virginia remain extremely low – 41% below last year’s levels.  Currently, there are only 2,714 houses for sale throughout our area, which includes Arlington, Fairfax, Prince William, Loudoun, and Fauquier Counties, as well as all the cities in between. Even with low inventory levels, sales remain strong as they are up 18% week-over-week from last year and up 17% over the previous 30 days from last year. This result is a .7 month’s supply of houses – last year it was a 1.5-month supply. We are still receiving multiple offers on our listings, and the median days on market are a mere seven days making it an exceptionally strong seller’s market. I believe we are going to be in this market for some time as the discussions I am having with homeowners and agents is that they are not likely to sell or they don’t have a lot of houses coming on the market. This has resulted in the increased prices we are seeing. Year to date, prices are up 6.25% over the same time frame from last year. As I’ve said before, it is an excellent time to be a seller. If you are considering selling, call me to discuss your situation in
more detail.

Buyers do have challenges in today’s low inventory, multiple contract situation market we are in, but we are getting our clients into homes! Our team has exclusive strategy sessions where we share ideas on how we are negotiating to get our clients the home of their dreams. These sessions and strategies have been working, which is great for our clients. In addition to this, interest rates are now below 3%! The expectation is they are going to stay in this range for some time, so there is good news for those looking to become owners or potentially moving up to their “forever” homes. If you are considering looking into the option of purchasing a home, call me to set up a private consultation. I am here to help!

Please remember, even if now is not the right time for you to buy or sell, it may be the perfect time for you to refinance! I can put you in touch with one of our lender partners, so feel free to reach out.

Stay cool in this heatwave we are experiencing. Good luck to all of the students out there! Curious what the Month of Miracles is? Give me a call, I’d love to tell you all about it!

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. In these dynamic times, situations are changing daily. Are you staying ahead of the changes? Are you educating yourself and staying on top of new information out there? Learn why I feel this is important in my latest Peak Performer Series message.

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

FOLLOW MY NEW FACEBOOK PAGE for more motivation, success tips and inspiration: https://www.facebook.com/SuccessSecretsforRealEstate/ 

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. In these dynamic times, situations are changing daily. Are you staying ahead of the changes? Are you educating yourself and staying on top of new information out there? Learn why I feel this is important in my latest Peak Performer Series message.

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

FOLLOW MY NEW FACEBOOK PAGE for more motivation, success tips and inspiration: https://www.facebook.com/SuccessSecretsforRealEstate/ 

Professionalism in Real Estate

Special Video Training

*Attention Real Estate Agents*

Professionalism as a Real Estate Agent is one of the most important factors of having a successful career in this industry. I wanted to share this great training with tips for being your best personally and professionally.

Do you have questions or additional tips to add to this advice? I’d love to hear them! Please give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. Today I would like to remind you about the importance of having a positive mindset. We are still facing challenging times. Are you remaining positive amongst all the noise? Check out my latest message for more insight on this important topic.

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

FOLLOW MY NEW FACEBOOK PAGE for more motivation, success tips and inspiration: https://www.facebook.com/SuccessSecretsforRealEstate/ 

And don’t forget to subscribe to my blog at www.scottymacsblog.com

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. We have made it to the half point mark this year. It’s time to focus on the “RE’s”:

  • Re-focus
  • Re-energize
  • Re-evaluate
  • Re-vamp

Why?  So you can still meet your 2020 goals. To learn more about the importance of doing this, check out my latest message.

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

FOLLOW MY NEW FACEBOOK PAGE for more motivation, success tips and inspiration: https://www.facebook.com/SuccessSecretsforRealEstate/ 

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. I have another important question for you – are you relevant today? Do you know what’s happening in our industry? What are the stats, what are the new rules due to the pandemic? If you aren’t staying relevant, you won’t be successful. Don’t let that happen. listen to my thoughts on this in my latest Peak Performer message.

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

FOLLOW MY NEW FACEBOOK PAGE for more motivation, success tips and inspiration: https://www.facebook.com/SuccessSecretsforRealEstate/ 

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. What do people look for when they are hiring someone? Either for a job, a project or even to list their home for sale? Learn what I think people are looking for in my latest motivation minute message.

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

FOLLOW MY NEW FACEBOOK PAGE for more motivation, success tips and inspiration: https://www.facebook.com/SuccessSecretsforRealEstate/

A Quick Minute of Motivation

In this motivational series, I’ll highlight how to become a Peak Performer. Today I’d like to ask you a question, are you truly applying yourself? Are you giving it 100% every day? I’m guessing you’re not, so today I challenge YOU! Find out my thoughts on the importance of this in my latest motivation minute message.

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

December 2019 Market Update

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Wow, did November fly by or what?  It seems like I just sent my November newsletter and here we are in December already – crazy to me for sure. November brought a few substantial changes in our industry. First is the way we must now market our listings. The ability to pre-market homes as we know it has gone by the wayside. Previously, we could use signs, online marketing on social media sites, real estate websites, networking events and/or email campaigns to get the word out about future listings either days, weeks or months in advance. Now, we must put the home in MLS within one business day as active or in “Coming Soon” status once the property is marketed to the public in the aforementioned ways. It is more consumer-friendly as it opens up all houses to the buyers and it also gives sellers maximum exposure to all buyers by sharing the properties with all agents. Before this new rule, there were agents who would privately market homes to the detriment of the seller and potential buyers. This change will also provide accurate data in MLS for sales information, so we all know what sales prices and concessions are and inform us if the sale was an arm’s length transactions or not.  This is helpful for pricing houses for both buyers and sellers as well as appraisers. To learn how this can affect you when deciding to sell your house, give me a call, I’m happy to share more details.

The second area is financing houses and loan amounts. Here is a brief history of what FHFA has done since 2016 with conventional loans: back in 2016, the FHFA increased the conforming loan limits from $417,000 to $424,100. Then, the next year, the FHFA raised the loan limits from $424,100 to $453,100 for 2018. And in 2018, the FHFA increased the loan limit from $453,100 to $484,350 for 2019. Lastly, just last week, the new loan limits will be $510,000 for 2020. Jumbo loans will now go up to $765,600 in our area. Jumbo loans typically have higher interest rates. Please call to learn more about how this can help you when buying or selling a house.

Also, VA loans no longer have a limit, but they do have liability issues which can affect the amount of your loan going forward. If you are a veteran, your eligibility will drive your maximum loan amount. In addition, the funding fee for zero-down loans will be 2.3% of the loan amount in 2020, up from 2.15% for regular military in 2019. The fee for subsequent use loans will be 3.6% of the loan amount, up from the current 3.3%. You can pay the fee upfront or roll the cost into the loan. These go into effect for any loan that closes after January 1, 2020. Again, if you have any questions at all, please call me.

I hope you have a safe, fun and festive holiday season with all of your family and friends!