With springtime getting closer and closer, market activity is picking up in our Fairfax area.
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How has our Fairfax market fared thus far in 2019? Today I’ve brought in Mary Hurley of RGS Title to help answer that question for you.
Since the end of January, the market has bounced back from its seasonal slowdown, and activity is starting to pick back up. The holiday season tends to inspire some homeowners to upsize because they just got done hosting friends and family and didn’t have enough room for everyone, so there are definitely more people looking to buy and sell homes than there were earlier in the year.
The weather has also played a part in this increase in activity. Warmer temperatures always make it easier for people to go outside, look for homes, and get excited about spring.
Older home sellers who’ve lived in their home for 30+ years and are looking to downsize are facing a bit of a struggle right now because they’ve built up a lot of equity, but they don’t want to incur a higher expense for a smaller living space. There are many people in this situation looking for one-level homes or condo units with elevators to move into.
“Warmer temperatures always make it easier for people to go outside, look for homes, and get excited about spring. “
Unfortunately, there aren’t very many condo units here in the Fairfax area with elevators, but you can find more of these types of homes in the Loudoun area. Because of this, many home builders are busy building custom, one-level properties in areas that are near but not too near to the city limits.
I want to thank Mary for joining me today for this market update. If you have any other questions about our Fairfax market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.