February 2021 Market Update

Again, I have said it before, and I will repeat it, inventory levels on homes for sale in Northern Virginia are critically low! We currently have just 1,701 homes for sale in all of the counties we serve in Northern Virginia. The amazing fact is the number of condos that are currently for sale – 792 – which represents just under 50% of the total inventory. Condos typically do not reflect nearly 50% of the inventory levels … more on this later. 

Continuing with the numbers; there are only 646 single family homes currently on the market. Are you kidding me? There are only 235 townhouses total, again, WOW! Do you know what this means? The chances of multiple contract situations are possible on virtually every home on the market. We have had as many as 30 contracts submitted on one house in Gainesville priced at $635,000. It escalated above $700,000. We had another home in Aldie that had 78 showings and 62 visitors at the open house. This one was priced at $772,000 that had 21 offers and escalated to $831,700. It is insane – I cannot think of another word to describe it. 

A question I am frequently asked is when will it end? I think it will be a long time, as I believe it will be rate driven, and rates will remain low for the foreseeable future. Once rates rise to the 4 or 5% range, we will see a slowdown in contracts/purchasers, but not an inventory increase. Another question is, when will buyer burnout take them out of the market? My answer: it depends as this is and has always been an individual question. I have heard about prospective buyers writing as many as 15 contracts (on different homes) and still in the fight, while others are not even entering the market because of these “bidding” war situations. Typically, buyers will write until they win a bid on a property.  Usually, in a market like this, it has been between 3-5 times in my experience. 

One more question I hear is how do I buy if I must sell my house first? This one is more complicated, but I can give you details if you are interested. We have nine ways to make this work!

If you or someone you know would like to discuss their situation with me in more detail, whether it is purchasing or selling a home, please feel free to call me.

Have a Happy Valentine’s Day!!

Peak Performer Series – Weekly Motivation

In this weekly motivational series, I’ll highlight how YOU can become a Peak Performer. Will you weather the storm? 

Resiliency is the key to success in weathering the storms of life. Learn why I feel this way 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/ 

Peak Performer Series – Weekly Motivation

In this weekly motivational series, I’ll highlight how YOU can become a Peak Performer. Are the goals you set for 2021 SPECIFIC?

Setting goals every year is imperative for growth – both personally and professionally. But are the goals you set SMARTY ones? Learn more about this concept 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/ 

Peak Performer Series – Weekly Motivation

In this weekly motivational series, I’ll highlight how YOU can become a Peak Performer. In 2021, I have a NEW challenge for YOU! 

Are you looking to make a TRUE impact in people’s lives this year? Learn more about my latest challenge for YOU in my latest Peak Performer message and let me know if you are going to accept this challenge ⭐

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/ 

January 2021 Market Update

Happy New Year!  Welcome to 2021!  I predict this will be yet another exciting year with lots of new challenges, adversity, change, and so much more. The good thing to note is out of these situations come positive outcomes for many if you keep the right mental attitude, stay adaptable, and take care of yourself and those around you. We do not know what lies ahead but keeping strong is as vital as ever.

I have been asked, “what is going to happen with real estate in 2021”?  It depends on whether you are a buyer, seller, renter, landlord, or investor. Inventory levels in Northern Virginia continue to decline. We ended the year with only 1,737 houses for sale in Arlington, Fairfax, Prince William, Loudoun, and Fauquier Counties and all the cities located within this area. As you can imagine, this number is extremely low, historically speaking. This makes purchasing a home extraordinarily difficult for buyers. I am currently working with a buyer where we have bid $30,000 over list, $40,000 over list, and $50,000 over list and on three separate houses, and we have lost out on each of them. They are in the $400,000 – $500,000 price point. The listing agents said they were overwhelmed with offers and calls – one had 17 offers in hand in less than 24 hours. So, you can see the buying environment is uber-competitive. On the flip side, this makes it a great time to sell a home if you are looking to move. Depending on the price point, location and condition, sellers can expect multiple showings as well as multiple contracts with purchasers paying more than the sales price and waiving many, if not all, the contingencies associated with a sale. Renting houses is also a challenge as there is a .4-month supply of homes available, and of those, 40% are single-family or townhouses. Again, this makes being a landlord easier to get results as there is a brisk rental market in Northern Virginia. Most investors like houses that cash flow, and with prices being bid up, many investors are choosing to wait on the sidelines to see if more inventory comes on the market prior to getting into bidding wars. Time will tell if we get more inventory or not, but I believe we will experience low inventory throughout 2021. Call me to discuss your situation in more detail so we can help you make the right decisions.

So, the market that is struggling the most right now in our area is condos. In Arlington County, 84% of the resale inventory is condominiums. The average days on the market for a condo in Arlington is 76 days and the average overall days on the market for all properties in NOVA is 16. Quite a difference, right? The rental market is remarkably similar in all of NOVA – condos are on the market for 126 days, and single-family and townhouses are on the market for 42 days. Be careful when considering an investment in condos right now.

As always, I am happy to speak with you about your situation as each one is different.  Happy New Year, and as always, be safe, make wise decisions when you go in public, so you

Peak Performer Series – Weekly Motivation

In this weekly motivational series, I’ll highlight how YOU can become a Peak Performer. Are you in the right seat, on the right bus going in the right direction?

Now is a great time to determine if you are in the right place, doing the right things for a successful year. Check out my latest Peak Performer message for my thoughts on this important topic, I’d love to hear your thoughts on this. 

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 YOU can become a Peak Performer. As we close out 2020, its a great time for you to focus on the “R’s”: Refocus, Recharge, Rejuvenate and most importantly Reflect on your accomplishments of 2020. Check out my latest Peak Performer message for my thoughts on this important topic and ideas to focus on for 2021.

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 YOU can become a Peak Performer. I know I have said this before, but now that we are in the holiday season, I thought I would send a little reminder…. you are what you consume – in all aspects of life. Check out my latest Peak Performer message for my thoughts 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/ 

A Quick Minute of Motivation

In this motivational series, I’ll highlight how YOU can become a Peak Performer. Are you staying relevant? With all the misinformation out in the world these days, how are you supplying your clients and customers with the necessary information they want and need? Check out my latest Peak Performer message and let me know what it is you are doing to remain relevant. 

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/ 

December 2020 Market Update

As we close out 2020…

A lot has transpired since the last newsletter… a presidential election, Covid-19 outbreaks resulting in additional shutdowns, local jurisdictions reverting back to more restrictions on public gatherings, regional school districts canceling or staggering the return to the classroom, and of course, Thanksgiving. Luckily, we had great weather on Thanksgiving and could eat outside with our “at-risk” family members and maintain social distancing with them throughout the day.

Interest rates remain low on the real estate front; fewer people are re-engaging in forbearance on their mortgages, and houses are still selling – often with multiple offers. All in all, it’s a great market not only in Northern Virginia but around the country. 

As we enter the holiday season, inventory levels remain low, making it difficult for buyers looking to take advantage of great rates. We are only 9% below last year’s level of homes for sale during this same week in time. As I look back, this was the beginning of the inventory shortage in our area. It will be interesting to see if we match our low from this past January when we had just over 1,800 houses for sale. If you are considering relocating, downsizing, or upsizing, call me to see how we can help you get into a home. We have strategies for every market to help people become homeowners.

So, the question I am often asked this time of year is, should we sell our house or wait until the spring. My answer is – it depends. Do you need to sell, or do you want to sell? If you sell, where will you go? If you have to sell and have the next home secured or have living arrangements lined up, sell today. If you are looking to sell to take advantage of the market, we need to talk sooner rather than later. As I previously mentioned, rates are great, purchasers are out in the market looking to buy, we know what other houses are for sale right now versus the springtime, and we know what price we can get for it based upon recent sales. Also, in all likelihood, if the house is in great shape, is in an ideal location, and is priced right, it will sell quickly with little inconvenience to the seller. If you find yourself in this situation, please call me to discuss your situation in more detail.

Until next year, be safe, make wise decisions when going out in public so you remain healthy so you can celebrate the holidays with your loved ones.