Blog :: 03-2018

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.

 


 

Should Homebuyers Get Pre-Qualified or Pre-Approved?

If you’re a buyer, a pre-approval is far more standard than a pre-qualification in today’s market, and it’s what you should much rather have.

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.

What’s the difference between a pre-qualification and a pre-approval? 

According to Terry Schenck, our preferred lender from Prosperity Home Mortgage, a pre-qualification is simply a letter a lender provides you that details your preliminary information you’ve given verbally but they haven’t verified yet. This includes bank statements, pay stubs, and W-2s. This letter isn’t very strong and is typically frowned upon by sellers. Sometimes pre-qualification letters come with a credit check, but often they don’t.

A pre-approval letter is standard in today’s market. With this letter, the lender actually pulls your credit and verifies your documentation. The lender also puts you through an automated underwriting system, which gives you a much stronger letter and allows you to go much farther in the marketplace. 

"A pre-approval letter is standard in today’s market."

Sellers in today's market prefer for their buyers to have a pre-approval. If you're in the market to buy a home, getting one is a no-brainer.

Prosperity Home Mortgage can also take your pre-approval one step further with their buyer advantage program. In addition to the pre-approval, they can also submit you to their underwriting team for a full review before you even start looking at houses. There is no cost or obligation with this program, and it can strengthen your offer tremendously. 

Competition is fierce among homebuyers in our current market because of low inventory, so I recommend you take advantage of this opportunity. 

If you’re interested in this program or you have any other questions for Terry, you can email him at terry.schenck@phmloans.com or call him at (703) 408-3978.

(Terrence V. Schenck NMLSR ID 193123 Senior Loan Officer, Prosperity Home Mortgage 13135 Lee Jackson Mem Hwy, suite 100 Fairfax, VA 22033 Phone (703)408-3978 | Fax (703) 293-4298 terry.schenck@phmloans.com)

If you have any other questions or real estate needs, don’t hesitate to reach out to me and my team. We’d be happy to help you.

 


 

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