We often share with your the research that is brought to us by Keeping Current Matters. Recently, they quoted Jonathan Smoke, Chief Economist for Realtor.com. He said
“The increase in sales is resulting in continued tighter-than-tight supply—measured by NAR to be four months in January. For you non-economists out there, that metric measures the number of months it would take to sell the current inventory of available homes, at the current pace. Got it? Six to seven months’ worth of homes on the market is considered normal; four months is cray-cray.”
I read that and thought, “Wow if four months is cray-ray, what is two months?” You see, places all around Northern Virginia are sitting at two months or less of housing inventory. That’s a Seller’s Market folks.
Search our state of the art home search site.
Buyers – you gotta be prepared. Sellers – NOW is the time.
Buyers – it’s not always price that wins a contract. Talk to your Realtor about price, AND about strategies in terms of:
- Earnest money deposit
- Whether or not to waive home inspection
- Whether or not to waive financing contingency
- Whether or not to waive appraisal contingency
- Closing date
- Escalation clauses
- Introduction letters
- Other important terms to the seller (example: they may want to rent back for a short time)
- Finding homes to buy that are off market or before they hot the market
Sellers – preparing your home & pricing right up front will net you the MOST. Talk to your Realtor about strategies to elicit multiple offers. (Click here for an INSTANT online value estimate of your home and then call 703-242-3975 for a FREE personalized consultation.)
P.S. – Beware of selling on your own without a Realtor. You may save commission dollars, but you will likely net less on your bottom line. According to NAR, only 2% of Buyers purchased a home from a Seller they didn’t already know. 92% of Buyers used the internet and of those, 95% used an agent, builder or builder’s agent. So selling on your own can severely limit your exposure and consequently your final yield.
Keeping in mind the definitions that less than 3 months inventory is a Seller’s Market, 3-6 months is a Balanced Market, and more than 6 months is a Buyer’s Market – where do the towns and cities of Northern Virginia stand today:
- Great Falls – 6.7 months
- Dunn Loring – 5 months
- McLean – 4 months
- Alexandria – 1.6 months
- Annandale – 1.4 months
- Arlington – 1.8 months
- Ashburn – 1.8 months
- Burke – 1.1 months
- Centreville – 1.1 months
- Chantilly – 1.5 months
- Clifton – 2.7 months
- Fairfax Station – 1.5 months
- Falls Church – 1.7 months
- Herndon – 1.4 months
- Oakton – 2.1 months
- Reston – 1.4 months
- Springfield – 1 month
- Sterling – Less than 1 month
- Vienna – 2.7 months
Search our state of the art home finder site where listings are updated FASTER than other sites.
If you’re thinking of buying or selling in this “cray-cray” market, email or call Terry Belt & The Belt Team at (703) 242-3975. We specialize in real estate success stories. We’ll help you make the BEST move in today’s market.