Scott’s Market Minute – here are Scott’s thoughts on the market this week…..
Contact Scott MacDonald, Broker/Owner of RE/MAX Gateway for more information and a personal assessment to meet your goals.703-652-5777 or scottmacdonald@remax.net
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A Quick Minute of Motivation…
The Dip – Part 3
Even if you are NOT experiencing a real estate dip, check out what Scott’s Motivation Minute has to say about your ATTITUDE.
Contact Scott MacDonald 703-652-5777 Broker/Owner of RE/MAX Gateway for more information and motivation!
Scott’s Market Minute 2/3/17
Scott’s weekly market update… a boring market? What? Watch the video to learn more!
Contact Scott MacDonald 703-652-5777 Broker/Owner of RE/MAX Gateway for more information and a personal assessment to meet your goals.
February Market Update
So Far This Year…
Nothing can stop the real estate market here in Northern Virginia; not the rising interest rates, not the pull back of the FHA mortgage insurance premium reduction, not lack of inventory, and especially not this cold weather we are experiencing.
Sales are strong and we appear to be headed for a robust spring housing market. In addition to the group of buyers we are currently working with, we are getting lots of online leads from additional buyers asking about houses; both new builds and
resale. Typically, this group will become home buyers in three to nine months – stay tuned for more details as we get down the road with these leads.
Today’s buyers are looking in all price ranges and in all locations throughout Northern Virginia. As you would imagine, the lower price points are in very high demand, but so are higher priced properties in areas like McLean and North Arlington. We have some soft spots (lowering of prices and accumulation of days on the market) in the Great Falls area, but typically, if houses are priced right, in good condition and have been staged, they are selling quickly! Thus, inventory is at a four year low with just over 3,900 existing homes currently for sale. We expect properties to come on the market in February, but with the demand we are experiencing now, they too should sell quickly.
So, what are the lessons we have learned so far in 2017? If you are a buyer, act quickly! If you find a home meets your criteria and suits your lifestyle, make an offer, don’t wait. Many properties are receiving numerous offers; therefore they are selling quickly.
If you are a seller, get your house “right” and get it on the market sooner rather than later – there is a strong appetite for housing today. Buyers are out there and ready to make a move.
If you would like to discuss your situation in more detail, please feel free to call me today. I would enjoy meeting with you to determine which is the best option for you to pursue.
Stay warm!
Scott can be reached at 703-652-5777 or scottmacdonald@remax.net.
A Quick Minute of Motivation…
Are you experiencing a real estate dip (it’s not a rut)? Don’t lose motivation! Here’s some motivation to get you out of that ‘dip’ – a quick minute of motivation message from Scott.
Contact Scott MacDonald 702-652-5777 Broker/Owner of RE/MAX Gateway for more information and motivation!
Scott’s Market Minute – 1/27/17
Keeping you up to date on the real estate market in Northern Virginia. Demand is HIGH, supply is LOW. Hear what Scott has to say…now is the time to….
Contact Scott MacDonald 702-652-5777 Broker/Owner of RE/MAX Gateway for more information and a personal assessment to meet your goals.
Understanding Prepayment Penalities
For most of us, the idea of paying off our mortgage well in advance is elating. But before you make this big move, it’s important to understand prepayment penalties, and what they could mean for you.
Simply put, a prepayment penalty means you will have to pay the lender a percentage of the principal, or some other stated amount, if you decide to repay the loan early. While this may seem wild (being charged for making your payment early!?), it’s actually quite common.
Some mortgages have prepayment penalties written into them. However, the prepayment clause is usually in effect for only one to three years and may be waived for special circumstances. Lenders impose the penalty to recover any losses related to your early payment.
If you are in the market for a home loan, ask about prepayment penalties before signing on. If you are applying for a new loan, the penalty should be disclosed in the truth-in-lending statement. Read the fine print and weigh all your options.
If you already have a home loan, call your lender or dig through your paperwork to spot any prepayment penalty clauses you may have missed.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and home ownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
Hot & Sticky… The Northern Virginia Real Estate Market
The real estate market continues to be hot – just like the weather.
Inventory levels remain below 7,800 active properties for sale in Northern Virginia. Last year at this time we had over 9,550 – quite a difference. There is pent up demand but we are lacking “really good” inventory. We have buyers that would move up if they found something suitable in a higher price points but nothing seems to be coming on to help with this situation. So here are a few quick stats on the overall market:
- Sales of existing homes reached the highest annual pace in over 9 years at 5.29 million.
- Inventory remains below the 6-month norm and prices are still on the rise, however, this is very hyper-local so ask me for details.
- Interest rates are at a historic low of 3.48%.
Now, just like the weather, things can be a little sticky…if properties get priced too high, they are sitting on the market. They are getting lookers, just no offers which at times has led to frustration for our sellers. It is important to keep in mind proper pricing today is still critical. To learn more about how we can help you with selling your home, feel free to call me.
The big news recently has been Brexit and how it will affect us in the United States. Well, virtually immediately, interest rates on mortgages dropped to three year lows. The good news is they are expected to stay this way for a while. There is speculation that International investors may sell off their holdings in the UK and invest in the US which could be good news for cities like Washington, DC, New York, Chicago and Los Angeles – let’s keep an eye out for this movement. The overall sentiment is we may not see its full impact for years but in the short term it will be good for the US housing market.
As always, we are here to help with any questions you may have regarding the Northern Virginia real estate market and have a safe, fun and enjoyable July 4th celebration.
Scott MacDonald
RE/MAX Gateway
Scott’s Market Minute – Robust Spring Housing Market Expected
Scott MacDonald’s Northern Virginia real estate housing market trends, local statistics and how this can impact your buying or selling a home click to play video
Contact Scott MacDonald 702-652-5777 Broker for RE/MAX Gateway for more information and a personal assessment to meet your goals.
Scott MacDonald
RE/MAX Gateway
Unlike the weather out there…the Northern Virginia Real Estate Market is HOT!
Very Low Inventory + Lots of Buyers = Good News for Sellers! click to play
Thinking about selling your home? Contact Scott MacDonald 702-652-5777 for more information and a personal assessment to meet your real estate goals.
Now is a great time to buy and sell a home in Northern Virginia!
Scott MacDonald
RE/MAX Gateway
Scott's Motivation and Real Estate Market Updates 