Scott’s Market Minute 8/10/18

How’s the market these days? I’m comparing the real estate market to the Washington Nationals again in this week’s market minute message. Click play to learn more!

If you’d like to learn more or talk about your specific real estate situation, feel free to give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

August Market Update

As Summer Winds Down…

Wow, did July fly by or what? It seems like it just started and it is over already. This month we saw inventory levels stay steady – which is typical for this time of year. The biggest difference is the amount of inventory available in the resale market. We are currently down 12% from this time last year. The good news for sellers is the pace of sales is comparable to last year’s sales – resulting in a 1.9 month supply of homes versus 2.1 last year. Unfortunately, while overall home prices are up, they are not flying off the market as quickly as they did earlier this year. Therefore, patience is required in some selling situations. The buyers in today’s market are taking their time making decisions as they are not feeling compelled to write an offer on the home the first time they view it. The market dynamics have shifted, and sellers need to be aware of this, so they remain patient and not anxious. If you are thinking of selling, let’s get together to discuss your plans in more detail.

Mortgage interest rates are about a half point higher than last year, so this may also be impacting a buyer’s decision-making process. In addition, some houses have higher price tags than what they are worth resulting in some buyer hesitation on making offers as they don’t want to offend the seller. It is a complex transaction and will, in many cases, be someone’s largest asset, so taking the time and analyzing the house, the market and various options available to them can be a good thing for many people. In any of these
situations, I’d be happy to assist in helping find the best location and home
for you when deciding to make a move.

end of summer

As high school sports are back in full swing with their practices starting and the vacation season behind us, let’s see if we don’t have a quick uptick in housing sales before September. As always, time will tell.  Enjoy the hot rainy weather and feel free to call us anytime.

 

Scott’s Market Minute 7/13/18

What do amusement parks and the real estate market have in common? Find out the answer and great up to date information on the local Northern Virginia real estate market in this weeks Market Minute message.

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

Scott’s Market Minute 7/6/18

Much like my desk today, the real estate market is a mess! Learn more about the advantage of being a buyer in the Northern Virginia market right now in my latest Market Minute message.

Would you like to talk about your current situation – looking or buy or sell?  Give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

Scott’s Market Minute 6/1/18

My weekly Market Minute live from Chantilly National Golf & Country Club. The rain has put a damper on the market … what do you think?

If you would like to talk more about your specific situation, please feel free to give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

Scott’s Market Minute 5/25/18

It’s the last week of May and inventory levels have….. Check out Scott’s latest Market Minute message to find out what’s going on in Northern Virginia!

Give me a call if you would like to talk about your situation. I can be reached at 703-652-5777 or email me at scottmacdonald@remax.net  Have a great weekend!!!

Scott’s Market Minute 4/27/18

Inventory levels are up, interest rates are up, distressed inventory is also down – May is going to be a “lucky” month for sellers! Learn more about what’s going on in the Northern Virginia area real estate market in Scott’s latest message.

If you’d like to talk more about your situation, give me a call at 703-652-5777 or email me at scottmacdonald@remax.net.   Have a great weekend!!

February Market Update

Holiday Social Shareables-ValentinesDayThe Northern Virginia real estate market continues to gain momentum despite low inventory levels. There are many buyers in the market ready to buy the right home and in many cases, it is difficult to do so leaving them and their agent frustrated. Typically, this time of year we start to see houses come on the market, but we have not seen a week-over-week increase in inventory since the fourth week of September last year! That is an amazing run, hopefully it will change soon for our buyers. If you are considering selling, let’s get together to see how to position yourself for success in this market.

All indications are pointing for 2018 to be another great year for real estate sales, despite starting off with low inventory levels and increasing interest rates. Interest rates are projected to be in the high 4’s, possibly low 5’s by the end of the year – scary, NOT! When I first got into the business in 1988, rates were in the 12’s. Yes, the rate increase will have some impact but not substantially in my opinion. What could have a greater impact is escalating prices coupled with the higher mortgage interest rates. This may force some first-time buyers to sit on the sidelines because of qualification purposes or potential sellers staying in their houses longer because they don’t find it beneficial to relocate. As always, time will tell.

The low inventory levels are resulting in multiple contract situations in many cases, but not in every situation so it is important to have the right expectation when putting your house on the market. Upper end prices are taking longer to sell as is typically the case. Houses that have not been priced properly, are in poor condition or have undesirable lot conditions will accumulate days on the market as well. In these situations, it is critical to hire a professional to give you the proper guidance to maximize your sought-after results.  We are here to help you navigate the sale in these circumstances, so please call me to discuss your situation in more detail.

 

Scott’s Weekly Market Update

This week in the real estate market – inventory levels are at a 2 year low! Learn more in this week’s market minute message.

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

Have a great weekend!