June Market Update

Summer is here!

Wow, that was one of the fastest months ever, in my opinion. Memorial Day weekend came and went in a blink of an eye, so it must be the height of the Sandbridge Beachdynamic spring market! Median days on the market in Northern Virginia is just 8; the average days on the market is 42. So, houses are virtually selling immediately (often with multiple offers) or they are taking a little while longer to sell. Right now, we are seeing very demanding
buyers in the marketplace. If the house is priced a little high or isn’t updated or staged, they are getting a lot of activity in the first week, but then showings fall off tremendously after that time frame.

So, what is fueling all the activity? There are a few factors, first there is a lot of demand – in certain price points, more on this shortly. Second, interest rates are still great – right around 4% for a 30-year fixed mortgage. Some people are taking advantage of adjustable rate mortgages too. Third, we continue to experience a strong local job market with many people relocating into the area for this reason. Fourth, prices are beginning to increase slightly, so many people are wanting to buy while it is still affordable for them to do so. Lastly, people have equity in their homes and can sell today to move into a larger home or closer to the city to reduce their commute. This is all good news for both buyers and sellers!

What is the situation with pricing I mentioned earlier you ask? The under $500,000 price point for houses and townhouses is on fire, representing a great majority of the median days on market. Yet, homes priced in the $650,000 -$800,000 range outside of the beltway are slow which is causing an increase on the average days on the market number. The upper price points (above $800,000) are seeing activity and sales which is always good for our local market.

I expect to see more of this type of activity and sales at least through the 4th of July. So, if you are considering selling or buying a home, please feel free to call me to discuss your situation in more detail.

Now, go enjoy this beautiful weather!  Happy Summer!

 

 

 

 

 

January Market Update

Happy New Year!2011-new-year-resolution

It is truly hard to believe that a new year is upon us; welcome to 2017! It seems that the years fly by faster as we get older. This is an exciting time in so many respects, so it would be nice to be able to enjoy these great times longer.

Anyway, it appears as if we will have an exceptional year here in the Northern Virginia real estate market.  Consumer confidence is at a 13-year high which typically bodes well for housing. Additionally, though the mortgage interest rates have risen slightly since the election, we still have many buyers out in the market looking for and in many cases buying homes today. Online activity as well as calls from our great clients like you have picked up recently.  Also, all indications point to the continuation of high paying jobs here in Northern Virginia. Dr. Stephen Fuller of George Mason University’s Center for Regional Analysis shared with us that employment in the Professional and Business services along with Retail Trade and Health/Education will all continue to grow into 2017. He predicts that 2017 will be “the year” of the decade for housing in Northern Virginia.

There is just one caveat … we need houses to sell! Inventory levels on active resales was down to just over 4,100 homes in all of Northern Virginia this past week.  We haven’t had this few homes on the market since the first week of February in 2012, when it was barely over 3,900 houses. In speaking with other agents, we will have homes coming up for sale in February, but there is an appetite for houses today! So, it is not a bad idea to put your home on the market sooner than later if you are thinking about it and if your home is in the right condition to sell. The belief is that we will continue to have a demand for houses throughout the year, so if you are considering making a move in 2017, please let me know, we are here to help!

I hope you have a joyful and prosperous 2017!  And please remember we are always here to help you and anyone you know with their real estate needs.

 

Scott’s Real Estate Market Update for Northern Virginia

Scott MacDonald’s Market Minute Update offers a quick look into the current real estate market conditions for Northern Virginia, the here and now of what is going on in the Virginia side of the DC Metro housing market area. The real estate market is favoring Sellers as Buyers in need of homes have fewer to choose from; multiple offers have been recently noted on homes listed and priced at competitive market value. If you are looking to buy or sell, give Scott MacDonald a call 703-652-5777

Success in the Real Estate Business


Scott MacDonald the Broker, Owner and President of REMAX Gateway speaks on the importance of successful business model and practices for real estate agents. With over 25 years experience in the real estate market world, Scott offers his insight to agents. REMAX Gateway serves the Northern Virginia, Maryland, and DC Metro areas with locations in Chantilly, Brambleton (Ashburn), Lorton, and Gainesville. A 5th office location in Arlington, Virginia is scheduled for Spring of 2013. Contact Scott MacDonald (703) 652-5777 or follow along at scottymacsblog.com

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Prediction #4 Scott MacDonald TOP 10 Predictions 2013

Scott MacDonald counts down his 2013 Top 10 Predictions for Northern Virginia Real Estate PREDICTION #4 Resale Residential Housing Values & Appraisal Issues projection for 2013.

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Prediction #6 Scott MacDonald TOP 10 Predictions 2013

Scott MacDonald counts down his 2013 Top 10 Preditions for Northern Virginia Real Estate PREDICTION #6 Short Sale & Distressed Properties projection for 2013. scottymacsblog.com

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Scott MacDonald TOP 10 Predictions 2013 Prediction #7

Scott MacDonald counts down his 2013 Top 10 Preditions for Northern Virginia Real Estate PREDICTION #7 Resale Housing Inventory projection for 2013. scottymacsblog.com