Good News in Local Real Estate!
As we have always emphasized, real estate is local. Do you know that what is occurring in the D.C. Metropolitan Region is much different than many other parts of the country and different than what you read in the media?
When will the media catch up with the burst in activity in our local market? Our experience is that what we see in the press usually lags what we are seeing “in the trenches” by at least 60-90 days!
So what are we seeing ? ? ?
As can be seen in the reports below, the inventory in the DC “MSA”(and this is even more true for the closer-in parts of our area) has changed from an extreme buyers market and is heading in the direction of a balanced market. This is due to a decrease in the rate of new listings hitting the market and an increase in sales because of low interest rates . . . plus realistic pricing by sellers. In fact, in the category of townhomes, based on a 4.2 month market supply, it has already become a sellers market!
Check out these reports for details:
Those of you who read our blog regularly already know some of this from the anecdotal information we have shared. In the past 45 days, The Belt Team has personally seen our market shift. We have sold 3 of our listings in less than 4 days – all with multiple contract offers!
Is the media up-to-date on Northern Virginia real estate? NO!
Is The Belt Team up-to-date on Northern Virginia real estate? YES!
In this crazy sea of media frenzy around the real estate market, we want to remind you that the most important real estate market is the street where you live or the street where you want to live. If you are curious about what is happening in your neighborhood or the neighborhood youd like to move to, please give us a call so we can give you the numbers that are specific to you. Generalizations about national and even local real estate trends are difficult to translate to your home. We are happy to help you make sense of it all and forget the hype.
For more info, contact The Belt Team at (703) 242-3975!
The Belt Team . . .
Serving all of your real estate needs in Vienna, Oakton, McLean, Great Falls, Arlington, Reston, Fairfax and the entire Northern Virginia Region! Contact us today for a FREE home valuation or home buyer counseling session!