How is the housing market doing around Northern Virginia? Wondering where prices are? How many homes are selling? Whether it’s a Buyer’s Market, Seller’s Market or Balanced Market? Let’s take a look at the stats:
|City||# Sales||Avg Price||Avg DOM||Housing Supply||Buyer or Seller Market|
|Alexandria||867||$489,013||58 days||1.7 months||Seller|
|Annandale||103||$440,984||54 days||1 month||Seller|
|Arlington||486||$585,193||44 days||1.5 months||Seller|
|Ashburn||244||$461,566||53 days||2.3 months||Seller|
|Burke||114||$426,403||37 days||Less than 1 month||Seller|
|Centreville||182||$372,015||50 days||1.1 month||Seller|
|Chantilly||40||$450,406||30 days||Less than 1 month||Seller|
|Dunn Loring||4||$834,000||48 days||6 months||Balanced|
|Fairfax||343||$488,140||45 days||1.1 month||Seller|
|Falls Church||251||$476,777||46 days||1.2 months||Seller|
|Great Falls||23||$1,160,393||135 days||8 months||Buyer|
|Herndon||124||$447,186||43 days||1.4 months||Seller|
|McLean||128||$931,091||88 days||3.8 months||Balanced|
|Oakton||48||$562,012||80 days||2.8 months||Balanced|
|Reston||190||$441,990||45 days||1.5 months||Seller|
|Springfield||234||$424,165||48 days||Less than 1 month||Seller|
|Sterling||193||$380,053||46 days||Less than 1 month||Seller|
|Vienna||127||$729,021||53 days||2 months||Seller|
This week and next week are “Spring Break” for Northern Virginia schools. We typically see an upswing in inventory just following this period. So stay tuned.
If you’ve been waiting to find that dream home, this just may be the time – but you’ll likely have to move FAST to beat others to the punch. Best way to do that?
1. Sign a Buyer Broker Agreement so you have a Buyer Agent working on your behalf. If you call a Listing Agent, they only have one person’s interests at heart: The Seller’s.
2. Know what you’re looking for. Know the reality of what your money buys. If you’ve been looking for a while and haven’t yet bought, then you know prices are rising and interest rates are rising. Now’s the time to get real if you want to get into a new home.
3. Have your loan approved before you look for homes. Your approval letter MUST accompany your contract offer. Sellers won’t even look at a contract without it.
4. Remove as many contingencies as are prudent. If you’re not sure which ones you are comfortable with removing or which ones you are able to remove – discuss this NOW with your agent – before you’re in a competition.
5.Use a state-of-the-art home search site (like BeltTeamRealEstate.com). What’s the biggest complaint we hear from people who use Zillow, Trulia & Realtor.com? That the data is outdated. They call about listings that are long under contract. Our site is updated constantly and our buyers often tell us it’s the best site they used. Don’t miss out!
The Belt Team’s Mission Statement is “Changing Lives For The Better”. If now is the time to change yours, give us a call at (703) 242-3975. We’ll help you make the RIGHT move!