Scott’s Market Update 8/18/17

College bound this weekend … is anyone else doing the same thing? The market is holding strong, inventory is low, but that is normal for this time of year. When will it pick back up? Check out my latest market minute message for more details!

Would you like to discuss your specific situation? Give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

Have a great weekend!

Scott’s Market Update 8/12/17

Consistency – is it a good thing? Bad thing? Or both? Find out more in this week’s Market Minute message.

Are you interested in finding out the current value of your home? Give me a call to stalk about your specific situation – 703-652-5777 or email me at scottmacdonald@remax.net

August Market Update

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Wow, what a year we are having in Northern Virginia real estate!

Inventory remains low – 13% below last year’s inventory levels, yet sales year over year are up 7.7%. We still have low interest rates and new loan programs – including grant programs – that are becoming available to help more people buy homes. Additionally, days on market are down to just 32 days which is unreal. As a result, we only have a two-month’s supply of houses in all of Northern Virginia. These factors, coupled with strong demand, has prices up over 2%. This is very moderate growth in housing prices, which is sustainable, so there is no fear of a bubble here. The projections for housing prices in our area are an increase of nearly 6% from June of 2017 to June of 2018.  If you are considering a move, now would be the time!

In July, our sales pace was very comparable to last year sales numbers which were strong – we would like this momentum to continue for our sellers. Historically, August inventory levels have stayed relatively flat, but sales do trend down. Let’s keep an eye out to see if this trend continues.

The one other area to keep an eye on is distressed inventory. Short sales are creeping back into the market. Many people who purchased homes back in 2006 and 2007 did so with interest only loans for 10 years, then they adjust to fully amortized loans over the remaining 20 years. This results in big monthly payment increases. Some of the home values are not back to the original purchase price, so refinancing is not always an option for the owner, hence the increase in short sales. It is a tough situation for many people – let’s see how this impacts the market going forward.

School starts early throughout our region this year, so I hope you are able to take advantage of the few remaining weeks of summer.  As always, if you have any specific questions about your situation and the housing market, please feel free to call me anytime.

703-652-5777 or scottmacdonald@remax.net

Scott’s Market Minute 7/21/17

Did you know that the last 2 weeks of July are the MOST popular weeks in the summer to take a vacation? While you’re vacationing, here’s what’s going on in the Northern Virginia market…..

Is now the time for YOU to buy or sell?  Interested in learning more about the market and the value of your home? Give me a call at 703-652-5777 or scottmacdonald@remax.net

July Market Update

Wow, it’s the Fourth of July already!

Will we see our sellers celebrate?  Will we see our buyers celebrate?  The answer – it depends.  This answer is not ambiguous, a lot depends upon the location and price point of the home.  For a majority of the Northern Virginia area, houses priced under $600,000 are selling quickly, unless they are condos. The ones priced above $600,000 are sitting on the market accumulating days on market, unless they are inside the beltway where they are having better luck selling.  So now you will know which sellers will be celebrating and which ones won’t.

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Also, if you are a buyer in the under $600,000 price point, you may potentially be in a bidding war and may need to put in an escalation clause to get the home. If not, you may miss out on a few homes because others are willing to pay more. Therefore, no celebration for you.

If you are looking above $600,000 and the sellers have accumulated days on market and truly need to sell, you can often times get a bargain price on the home of your dreams. This is cause for celebration!  Now you know.  Obviously this is a very general comment, each situation is going to be different so be sure to call me to learn more about what you may face in any of these scenarios.

The sales pace slowed down slightly in June and we expect this pace to continue through July and August, as it typically does. This being said, there are still over 900 house a week selling in Northern Virginia. Interest rates are fantastic, so the buying environment is rich. One thing we are noticing is there are more loan programs available and credit is easing, so this could bring more buyers into the market. Let’s keep a close eye on the easing part as we don’t want to go back to the situation that happened in the early to mid 2000’s.  If you have any questions, please don’t hesitate to call me.

I hope you have a great 4th of July and celebrate in style!

 

Scott’s Market Minute 7/7/17

What do the Washington Nationals and the Northern Virginia Housing Market have in COMMON this week? Watch Scott’s message to find out!

Looking to buy or sell?  Now is a great time!  Give me a call to discuss your situation –
703-652-5777 or scottmacdonald@remax.net

Have a great weekend!