But we’re going to do it anyway!
At this time of year, our phone starts ringing off the hook looking for our CEO, Terry Belt, asking for his forecast of what this year in real estate will hold. And while his crystal ball may be as imperfect as everyone else’s, he has weathered 28 years in the Northern VA real estate market and done it uber successfully. This brings with it a good look in the rear view window, but at the same time an ability to spot & react to trends quickly.
Here are Terry Belt’s Top Predictions For The 2016 Northern VA Real Estate Market
- Over all, we’ll see a good year in Northern VA. The national and local press are all telling “feel good” real estate stories and this is great as it resonates positively for consumer confidence, which is a huge factor in the market.
- The first half of the year will bring a very healthy market. I predict the second half of the year will soften as inventory grows.
- We will see slower appreciation than we have seen the past 5 years. Statistics for the past five years for various Northern VA markets are on our web site:
- Arlington Real Estate Market
- Fairfax County Real Estate Market
- Falls Church Real Estate Market
- Great Falls Rel Estate Market
- Loudoun County Real Esatate Market
- McLean Real Estate Market
- Oakton Real Estate Market
- Reston Real Estate Market
- Vienna Real Estate Market
Wild Cards – Things To Watch:
- Interest rates (already up once and likely to continue rising)
- Stock market
- Job creation, especially locally where we are trailing the nation
My Advice To 2016 Buyers & Sellers:
If you’re thinking about buying or selling a home in 2016, the absolute most important thing you can do is to make sure you have the best Realtor representing & advocating for you. There’s a lot to navigate along the way – appraisals, surveys, legal disclosures, when to sell, how to price, how to stage, what to disclose, what not to disclose, mortgage financing, how to compete and more. Every market has its own ins & outs & idiosyncrasies.
According to NAR, 90% of homes are sold by 10% of the Realtors. So my advice to clients, whether they are buying here in Northern VA or across the country in California or even across the ocean in Europe – is to make sure you work with the best. You know they’re the best when they’re in that top echelon of performers. The more transactions a team does, the more prepared they are to be your advocate and help you navigate successfully.
Buying or selling a home is often one of the biggest, if not THE biggest, financial transactions of your lifetime – not to mention the emotional importance of your home and family. Do it right!