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