Wow, I blinked, and September has ended. Time seems to go by faster and faster these days; it is just crazy to me. As I mentioned last month, we are still busy helping buyers and sellers with their real estate needs. The market is still outperforming other recent, non-pandemic years as far as sales and prices are concerned by wide margins. Call me if you want to know the exact numbers.
The overall pace of sales is very close to last year’s pace for this same timeframe. However, the number of sales year-to-date in Northern Virginia is up over 24% versus 2020. In addition, sales prices are up over 11%. It is not as frenetic as earlier this year, but the numbers prove we still have a robust real estate market here locally. I recently read that the average Virginian has gained $50,000 in equity since last September. I am sure that number is higher here in Northern Virginia, as our prices far exceed the rest of the state. Real estate is truly a great way to build wealth, so spread the word if you know of anyone looking to become a homeowner – we can help.
More good news – we are not seeing evictions, foreclosures, or prices tumbling as had been predicted by many in the media. People are taking advantage of rental programs to stay in their homes. The number of individuals in forbearance has dropped again – only 1.5 million people remain in the program. Loan modifications reached a 15-month high in September, which means people will stay in their homes after forbearance timelines end, and as I previously mentioned, prices are up. Now, prices won’t skyrocket like they did earlier this year, but home prices will experience a more moderate escalation, as will home values. The reason is, although we have more inventory than last year, we still have historically very low levels of inventory. Couple this with strong demand, and we will see values increase; all good news and a more healthy market. If you have any questions relating to buying or selling, please feel free to call me.
Have a great season and enjoy these comfortable Fall temperatures! Happy Halloween!