We’re headed into Fourth Quarter of this year’s Real Estate game, so it’s time to survey the field and see what’s happening!
First, it looks like the market has stabilized in terms of appreciation rates and become a bit more homogenous around the Beltway & beyond.
When we assessed average sales prices at mid-year, we saw that some areas had gone DOWN when we compared last year to this year (Great Falls, McLean & Burke). We also had some areas that were UP close to 10% (Dunn Loring, Vienna & Chantilly). That’s a wide variation.
Numbers from January 1 to September 30th still vary from city to city – but for the most part average sales prices are up in the 2-3% range. Exceptions are Dunn Loring (up 9.8%), Vienna & Chantilly (up 6.7%), and McLean (down 1.1%).(If you’re thinking of selling a home in Vienna, Dunn Loring or Chantilly – that’s good news. And if you’re thinking of buying in McLean – that also good news for you!)
Second, sales are down year-over-year in EVERY market (sales as in the NUMBER of sales).
With three exceptions, the number of sales is down by DOUBLE DIGITS across the board. While Springfield, Arlington & Alexandria only saw sales drop by single digits (2%, 7%, 9% respectively) – some areas saw HUGE drops in sales. The hardest hit were Oakton (37% down) and Great Falls (40% down.)
The question we often get as we head into the fourth quarter is whether to put your home on the market now or whether to wait. (With inventory so low, Buyers should not step out of the market over the holidays, but be prepared to move when that perfect home comes on the market!) Sellers tell us they have heard that “Spring is the best time to sell.”
It’s like a football game – do you hunker down & play defense, do you put on an offensive blitz, do you play conservatively, do you throw the Hail Mary or do you go with the carefully charted out plays?
Well, that depends on a number of factors:
- why you’re selling
- whether you’re moving up or down
- whether you’re moving locally or out of the area
- whether you need to sell in order to buy your next home
- what the landscaping at your home is like
- how well you will compete when the market is flooded with inventory in the Spring
- whether you need to renovate
- etc etc etc
You get the idea. There’s a LOT to consider. And there is no black & white answer. As you can see from the numbers above – our Northern Virginia real estate market fluctuates frequently and fluctuates from neighborhood to neighborhood. The best thing you can do when making a big decision like this is to contact the top real estate team in your area and schedule a consultation where you can get specific stats & info that will allow you to craft a custom plan to sell your home for the highest amount the market will bear, in the fastest amount of time and with the least inconvenience. (You can start here with a FREE INSTANT estimate of market value, then we can refine it when we meet based on YOUR situation – upgrades, updates, condition, etc.)
Our market has shifted multiple times this year. Sellers who had Realtors with a pulse on the market sold their homes quickly and at top prices, while other Sellers have homes that are languishing on the market. (There’s one in Vienna that has been for sale for more than 3 years!) The average Realtor sells 5 homes per year. Belt Team agents on average sell more than triple that, 20 times that as a team. We have a most accurate pulse on the market. How do you know? Our listings sell FASTER AND FOR MORE MONEY than average. And our Buyers win out.
There’s a saying we like to use – “Keep Calm & Tell The Truth” Most Realtors just can’t handle the truth. Call The Belt Team for straight talk. We know YOU can handle it! Call Terry Belt & The Belt Team at (703) 242-3975. We’ll help you make the RIGHT move.
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Statistics per MRIS (January 1 to September 20)
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