Market Update

Keeping an Eye on This Hectic Market

The Northern Virginia market is getting crazy this year. Here’s what buyers and sellers need to know about it.

Thinking of buying a home?  Search the local MLS here.

Thinking of selling your home?  Get a home valuation here.

Want to see our inventory of homes?  View our listings here.

My team member, Amy O’Rourke, is with me today to discuss what is going on in the Northern Virginia market this spring.

Fairfax was a little crazier this year compared to last year. Active listings are down 22% year over year. Though fewer homes are being sold, the ones that are selling are doing so even quicker than in 2017, 19% faster, to be exact. 

Loudon is in a similar position. Inventory is down 22%, and the number of days the listed homes are spending on the market is down 18%.

Now, what should buyers in this spring market expect?

"If you’re planning to enter the market soon, all we can say is 'Buckle up!'"

In most situations, buyers will likely face some competition. Most homes that are showing well are receiving multiple offers. Many are waiving the home inspection or doing it for informational purposes only. A good majority of sellers aren’t offering any closing cost assistance. It’s competitive, yes, but it’s doable. Ours is a good market to be in.

Many buyers have told me that they’ve written offers for several homes but haven’t been accepted on any of them. A lot of the reason behind this occurring has to do with your relationships in the industry or your pre-approval. To get the home you want, you have to have all your ducks in a row. We can help with that—having someone competent and experienced to guide you during the transaction is critical.

On the other hand, sellers are in a very favorable position. They get to choose the best offer of the many strong ones they receive. Additionally, a lot of sellers in the market are also buyers, and I think they’ve learned how aggressive they need to be for the buying process.

Open houses have been extremely busy this spring. It’s not uncommon to have 25 to 35 parties come through without agents, but I’m also seeing a lot of agents themselves coming to open houses.

Overall, we’re seeing a lot of energy in the market and a lot of great homes for sale, though we still don’t have enough of them.

If you’re planning to enter the market soon, all we can say is “Buckle up!”

If you have any questions or need assistance navigating this crazy market, feel free to reach out to us. We can help.

Happy St. Paddy's Day. Here's an Update on Our Market

We may be seeing green for St. Patrick’s Day, but our local real estate market is red hot!

Thinking of buying a home?  Search the local MLS here.

Thinking of selling your home?  Get a home valuation here.

Want to see our inventory of homes?  View our listings here.

In honor of St. Patrick’s day, Amy and I decided to combine forces and become the O’Rougherty team for today’s market update. 

It’s a strong market out there in the Fairfax County real estate market. 

Active inventory is down 24% from last year and monthly supply is also down to about 2.5 months. This is a decrease of about 20% since last year.

Active inventory is also down in Western Fairfax, having decreased by 38% since last year. There are only 1.2 months of supply right now in the Western Fairfax market. This is a decrease of 40% since last year.

"Low inventory has been causing strong demand in our local market, which means now is a great time to list your home."

This low inventory has been causing strong demand in our local market, meaning multiple offer situations have become increasingly common. Buyers are making cash offers and offers that are well over list price, and many are also waiving contingencies. 

In other words, now is a great time to list your home. But if you’re a buyer, don’t give up. Just make sure that you put your best foot forward.

If you have any other questions or would like more information, feel free to give us a call, send us an email, or visit our website: www.getkeyedup.com. We'd be happy to help.

 


 

Market Snapshot for Loudoun and Fairfax Counties

Here’s what’s going on in Loudoun and Fairfax Counties.

For active listings, Loudoun County is down 21% since April of last year and Fairfax is down 20%. The sales price in Loudon County is down 3%, but Fairfax County sales prices are up about 8%.

The days on market are very similar with Loudoun County averaging 35 days and Fairfax County averaging 37. New listings are down in Fairfax 3% and are down 7% in Loudoun.

“Both Loudoun County and Fairfax county are averaging around 36 days on the market.”

As far as the number of contracts go, Fairfax County is up 14% and Loudoun County is up 4%.

If you have any questions about this market update or if you have any questions about buying or selling a home, feel free to give me a call or send me an email. I look forward to hearing from you!

4 Ways to Make Sure You Get Top Dollar for Your Home

If you want to sell your home quickly and for top dollar in 2017, there are four clever ways to do so that you should be aware of:

1. Price your home correctly. The more time you spend finding the sweet spot for your home price, the more offers you’ll get, effectively driving up the sales price. If you overprice your home, you risk losing interest during the first few weeks and will end up getting a lower price for your home.

2. Stage your home. Buyers shop with their eyes online. This means they get a quick glance at what your home looks like and they might miss little details like the quality of a kitchen remodel. You need to stage your home as a product to sell, which means taking the “home” out of your house. Remember, less is more when it comes to staging, and if you need any advice, we have stagers that can help you get the most bang for your buck.

“If you overprice your home, then you’ll end up with a lower sales price.”

3. Time the sale of your home. Although it’s very cold outside, the spring market actually starts in January, contrary to the popular belief that it starts close to May. I would suggest not waiting until April to list your home if you want it sold by the time school ends.

4. Know who your target audience is. The fastest-purchasing age group right now is the millennial age group, who are 18 to 34. These people don’t want to buy their parent’s or grandparent’s house, so if you are a baby boomer and you have wallpaper or blue carpet, that’s not going to go over well with a millennial buyer. They want clean, modern, and crisp spaces.

If you have any other questions or would like a free consultation, please don’t hesitate to give me a call or send me an email. I’m here to help.