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!

hello spring

 

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 taking action. Are you taking action on the right activities to be successful?  Or are you taking action to just be “busy”? Learn more in my latest Motivation Minute.

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

Now go sell something! 

March Market Update

The Spring Market has Arrived!

The Spring Market has sprung into action! Although inventory levels are down, activity on listings is up, open house visitors are abundant and multiple contracts on listings are happening more frequently throughout Northern Virginia. In Arlington and close in locations, we are seeing contingencies getting waived and huge escalation clauses for buyers to win contracts. It is a good sign for our market to have such great activity and I expect it to continue for the next few months.

All this being said, pricing properties properly is still paramount to success in getting houses sold. Along the Route 1 corridor close to Amazon’s HQ2 people are definitely “future pricing” their houses. Their hopes to cash in are not bearing any fruit and I don’t believe this pricing strategy is going to get them sales any time soon. At this time, pinpoint accuracy in pricing is the strategy to undertake. Do not price for negotiations. Do not price higher because the neighbor received multiple contracts (as not all listings with multiple contracts are going above list price as I mentioned last month’s newsletter).

If you are a buyer, do not despair, we can help you find a house even in the low inventory market dynamic that we are currently experiencing. Although we are below 3,000 active houses for sale in Northern Virginia, the pace of houses coming on the market for sale is increasing each week. We also have access to “Coming Soon” properties through our network of professionals whom we deal with on a regular basis. Having someone scout out properties for you before they officially hit the market is extremely important, so please feel free to call me to discuss this in more detail.

Don’t forget to set your clocks ahead this month and get out there and enjoy the longer days!

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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 ask you a question – what is your motivation? Is it the carrot or the stick? Or is it growth? My suggestion for the best motivation is to find an advocate. Learn more about my suggestion on motivation in my latest Motivational Minute message.

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

Now go sell something! 

February Market Update

Will the Spring Market Arrive Sooner than Later?

What an interesting January we have experienced both weather-wise and in the real estate business. We have golfed and we have shoveled snow/ice this month.  We have had multiple contracts on some houses, and we have had houses sitting on the market (with no showings) for days and even weeks. We have had mild temperatures and we have had epically cold days. We have had 30 plus people at open houses on weekends and we have had no visitors at others.  We have windy days and days that had no breezes. We have seen mortgage interest rates go up and now they are at yearly lows. And, like the temperatures this week, we have seen inventory levels drop to 14-year lows. As I said, it was a very interesting January.

The biggest question we have in the real estate industry is… When will more houses come on the market for sale? Historically we have seen houses start go up for sale the second week of February. So, will this year be the same or will we continue along the same path we are on now…inventory levels going down? The answer is, time will tell.  In conversations with agents across our five offices, we are hearing about some houses will be “coming soon” but not a significant number of them. If you are considering selling, this could be your perfect time to do so.

What is odd to me, and others, is prices are not escalating like you might expect. The tried and true economic theory of supply and demand in regard to pricing does not apply in this market. We have a lack of supply and LOTS of demand, but prices are staying relatively flat and, in some situations, we are even seeing price reductions fairly regularly. Additionally, in several multiple contract situations, we have not seen escalation clauses or even full price offers. Going back to my original sentence, it was an interesting January.

All this being said, we can provide you with the right advice on how you should approach this “interesting” market. Whether you are selling or buying a home, each market and personal situation is different.  So, give me a call to learn more.

Happy Valentine’s 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 ask you about the Proximity Principle. Have you heard of this? The thought of this principle accounts for the tendency for individuals to form interpersonal relations with those who are close by. Who are you closest with? Are they a good influence? Where are you spending your time? Should you be going to these places? Are these factors contributing or detracting from your success?Learn more in my latest Motivational Minute message.

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

Now go sell something! 

Scott’s Market Minute 2/1/19

I’ve been talking about it for a while now…. the inventory levels are still at an epic low! Thinking of selling in the spring? Don’t wait ..learn more in Scott’s latest Market Minute Message. #remaxgateway #northernvirginia #realestate

Give me a call to talk about your unique situation 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.

In today’s Peak Performer Series message I’d like to talk to ask you about the Blame Game. A lot of times we hear people blaming others, the market, the conditions, etc., but really we should step back to take a look at ourselves. Are we taking responsibility for ourselves and or actions (or lack there of)? Learn more in my latest Motivational Minute message.

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

Now go sell something!

And don’t forget to subscribe to my blog at http://www.scottymacsblog.com​

Scott’s Market Minute 1/18/19

The temperature is dropping (again)… so is inventory (again). So how low will it go? Inventory is needed, now is the time to sell. Learn more in my latest Market Minute Message.

If you would like to talk about your buying or selling needs, give me a call at 703-652-5777 or email me at scottmacdonald@remax.net