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
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.
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.
In this motivational series, I’ll highlight how YOU can become a Peak Performer. Do people trust you? What is integrity and how is it measured, also what can you do to build that trust and integrity with your coworkers? Check out this BRAND NEW video on how integrity can be built in the workplace and why it is so important for everyone to have.
In this motivational series, I’ll highlight how to become a Peak Performer. Are you resilient? Are you talking to yourself instead of listening to yourself? How quickly are you bouncing back from adversity? Check out my latest video message to learn more about why I feel it is so important to be resilient, especially in today’s world.
In this motivational series, I’ll highlight how to become a Peak Performer. Question – are you going the extra mile? Are you adding value and doing things for others without expecting anything in return? Check out my latest video message to learn more about why I feel it is so important to always go the extra mile!
In this motivational series, I’ll highlight how to become a Peak Performer. In today’s message I’m talking about the importance of E X P A N D I N G your comfort zone, not stepping out of it. Learn why this is so important to your success in my latest Peak Performer Series message.
In this motivational series, I’ll highlight how to become a Peak Performer. I’d like to ask you a question. Are you a good storyteller? Learn why I feel being a good storyteller is so important to your success in my latest Peak Performer Series message.
📌 Do you need help learning how to become a good storyteller? I’m happy to teach you and I highly recommend this book by Donald Miller: Building a StoryBrand – Grab a copy and give me a call.
In this motivational series, I’ll highlight how to become a Peak Performer. I’d like to address something I feel is affecting everyone. How is your attitude? Has 2020 changed your attitude for the better or the worse? Learn why I feel this is so important in my latest Peak Performer Series message.