The early Spring 2014 Real Estate Market has had many challenges: snow, rain, and low inventory… now the tides have turned. Listen as Scott MacDonald explains and offers the insight and strategies needed to buy or sell a house in Northern Virginia. If you would like to discuss your personal real estate market options or challenges, give Scott MacDonald of RE/MAX Gateway a call (703) 652-5777
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What A Buyer Wants In A House For Sale In Northern Virginia
Now that the spring market has sprung – inventory levels too have sprung into full bloom.
Our inventory levels are at three year highs with over 6,100 homes for sale in Northern Virginia. We have not had this many homes for sale since November of 2011 – nearly 3.5 years ago. This is good for buyers who are searching for homes but sellers need to be cognizant of what this means to them.
Inventory levels are up 36% over this same time last year so sellers need to be competitive when they put their properties up for sale. What we have been seeing in the market is buyers are very discriminating now when it comes to their home selection. Properties need to be in model home condition, have great curb appeal and need to be priced right in order to get offers. When homes meet these criteria, they often times are receiving multiple offers while their neighbors who haven’t staged their homes, haven’t gotten them into model home condition or haven’t priced them properly sit on the market. We see sellers push values and stay for sale for extended periods of time. We see other sellers who don’t declutter or continue to “live” in their homes versus stage their homes properly and they sit on the market. Lastly, we see sellers not make the appropriate upgrades like painting, carpet replacement, adding granite, etc. and their homes continue to stay up for sale while others sell. Many of today’s buyers don’t want to make the upgrades, don’t have the vision to get homes into the right condition or don’t have the funds to make the improvements but qualify to buy the homes that have been put into the proper selling condition. As inventory levels rise, it is extremely important to make your house as competitive as possible to get it sold because there are buyers out there.
On another note, interest rates remain low which is helping purchasers become home owners both as first time buyers and as move up buyers which is good for our market. As rates increase, we will see people embrace adjustable rate mortgages as an option – especially first time buyers as their objectives are to only stay in the property for a short period of time. If you are considering a purchase, please ask about ARM’s and if they are a viable option for you.
Let’s hope the weather heats up and helps fuel the real estate market. The winter was brutal and the comment was made, if you can’t get out and buy milk and bread, you can’t get out and buy a house. Come on warmer temperatures – we need ya!
Scott MacDonald
Northern Virginia Real Estate Market UPDATE! What You Need To Know To Sell Your Home
House inventory has dramatically increased in Northern Virginia. Buyers have more options. Real Estate Agents & Sellers alike… You need to watch this video blog for tips and tricks to help sell the home. Want to talk about your property in specific? Call Scott MacDonald (703) 652-5777 or email scottmacdonald@remax.net read more… https://scottymacsblog.com/
Scott MacDonald
Scott’s Market Minute: Spring Real Estate Market Is Warming Up
Residential inventory of houses for sale in Northern Virginia is beginning to pick up and the Washington Wizards kicked off the playoffs with their first win! Get all the stats here and everything you need to know to set yourself up for success! Are you buying or selling? Contact Scott MacDonald (703) 652-5777 scottmacdonald@remax.net to find out the best strategies to put yourself ahead in this housing market.
Scott MacDonald
RE/MAX Gateway
7 Ideas For A Successful Real Estate Open House
The Spring real estate market is already warming up and due to low housing inventory, an Open House can be an effective way to get your listing seen. Listen as Scott offers some great ideas that were shared in “The NEW Agent” training series on how to help ensure a successful real estate open house.
Scott MacDonald, Broker/Owner/President of RE/MAX Gateway mentors and offers practical advice to real estate agents. Want to learn more? Contact Scott MacDonald (703) 652-5777 scottmacdonald@remax.net to learn more about how to be your best as an entrepreneur in the real estate world. Read more at scottymacsblog.com
How Productive Real Estate Agents Make The Most of Winter Storm Janus
Real Estate is more than just showing houses. Learn how to take advantage of inclement weather, snow days, and how to build your relationships and business as winter storm “Janus” pushes her way through the Midwest and up the east coast.
Scott MacDonald, Broker/Owner/President of RE/MAX Gateway mentors and offers practical advice to real estate agents. Want to learn more? Contact Scott MacDonald (703) 652-5777 scottmacdonald@remax.net to learn more about how to be your best as an entrepreneur in the real estate world. Read more at https://scottymacsblog.com/
What You Need To Know When Buying or Selling a House In Northern Virginia This Summer 2013
The real estate market continues to be hyper-local today. We are seeing multiple contracts in many areas and yet houses are sitting on the market in others. Prices are rising in many areas while we see price reductions in others. We see houses staying on the market for mere hours to just a few days in some areas while other markets see houses staying on the market for over 30 days to even longer further out from Washington. If you are buying or selling it is important to seek the advice of a professional so you know what the market is like in your area of interest to give you the right advice.
There are some aspects of the market that are not hyper-local. These areas that are influencing the market are interest rates and distressed property inventory. Interest rates have been on the rise for nearly the whole month of May. Don’t get me wrong, interest rates are still great and people shouldn’t be concerned but if you are waiting for them to come back down to make a move, the sage advice is to do something now and don’t delay as it will cost you more in the future. As far as short sales and foreclosures are concerned, their numbers continue to dwindle in Northern Virginia which is great news for everyone who owns a home. As of the end of May, only 6.1% of the total inventory was made up of distressed homes and they represented only 8.2% of sales in the region. How does this affect the market? These numbers have help aid in the rising of prices throughout our area as there are fewer blighted properties, more people caring for their yards and homes so everybody wins.
Our real estate market continues to be one of the best in the country because of our low unemployment rates, increasing property values, tourism, plus we have easy access to water, mountains and all the Washington DC metro area has to offer. Please let us know how we can help you or someone you know looking to buy or sell a home. (703) 652-5777
Scott MacDonald
RE/MAX Gateway, LLC
Scotts Market Minute Prelude to Summer Real Estate Market in Northern Virginia
Scott’s Market Minute May 20, 2013
Scott MacDonald offers current market stats and information in his Market Minute for Northern Virginia. Inventory has increased slightly offering buyers a little more to look at. Home Buyers and Sellers will want to keep in mind that by closing before July 1, 2013 Grantor’s Tax increase you will save money. There’s still time to get your home listed for sale and sold! Call Scott MacDonald (703) 652-5777
Platinum Group: Hot Topics in the Northern Virginia Real Estate Market
In a recent Platinum Group meeting we discussed many hot topics in the real estate market today. They included the appraisal issues we are encountering that I discussed in my last blog, new home sales, the rental market and of course, low supply and high demand.
New home prices are rocketing up, incentives are going away, one builder sold 13 houses last weekend in Prince William County and took closing costs down to just $5,000 when they were offering more at the beginning of the weekend. Nationally, new home sales dropped but not in Northern Virginia.
Lack of resale inventory is leading buyers to new homes. When buyers go to new homes, their prices increase. Be careful as a lot of builders don’t have appraisal contingencies in their contracts. Ask what happens if house doesn’t appraise.
The rental market continues to be on fire. We have a 1.7 month supply of rentals available in Northern Virginia. Prices have stabilized and move quickly when they are in good shape. Additionally, in a recent article, it was estimated there will be another 6.6 million renters in the market. It makes now a good time to work with investors, understand the rental process or even start a property management company.
One other topic we discussed was the lack of inventory of resale properties on the market. It has been mentioned that we are at an 11 year low in terms of available properties. When something is desirable, we have seen as many as 14 contracts on one home. It is time to structure offers for our buyers so they can win in multiple contract situations.
To learn more about the market or our networking group, feel free to reach out to me. scottmacdonald@remax.net
Now, go sell something!
Scott’s Market Minute for Northern Virginia: Low Housing Inventory For A Hot Real Estate Market
Spring market has sprung early this year. Thinking of selling your home? Watch Scott’s Market Minute every week. Scott provides real estate market information for Northern Virginia and his Market Minute offers a quick look into current market conditions, housing inventory levels, distressed property statistics, and market projections. If you want to know what’s going on in the Virginia side of the DC Metro housing market area, contact Scott MacDonald (703)652-5777 or follow his blog http://www.scottymacsblog.com
Scott's Motivation and Real Estate Market Updates 