Latest NAR Data Shows Now Is a Great Time to Sell!

Here’s the latest from Keeping Current Matters!
Latest NAR Data Shows Now Is a Great Time to Sell! | MyKCM

We all realize that the best time to sell anything is when demand for that item is high, and the supply of that item is limited. Two major reports released by the National Association of Realtors (NAR) revealed information that suggests that now is a great time to sell your house.

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Let’s look at the data covered in the latest REALTORS® Confidence Indexand Existing Home Sales Report.

REALTORS® CONFIDENCE INDEX

Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that homebuying demand continued to outpace the supply of homes available in January.

The map below illustrates buyer demand broken down by state (the darker your state, the stronger demand there is).

Latest NAR Data Shows Now Is a Great Time to Sell! | MyKCM

In addition to revealing high demand, the index also shows that compared to conditions in the same month last year, seller traffic conditions were ‘weak’ in 22 states, ‘stable’ in 25 states, and ‘strong’ in only 4 states (Alaska, Nevada, North Dakota & Utah).

Takeaway: Demand for housing continues to be strong but supply is struggling to keep up, and this trend is likely to continue throughout 2018.

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THE EXISTING HOME SALES REPORT

The most important data revealed in the report was not sales but was instead the inventory of homes for sale (supply). The report explained:

  • Total housing inventory rose 4.1% from December to 1.52 million homes available for sale.
  • Unsold inventory is 9.5% lower than a year ago, marking the 32nd consecutive month with year-over-year declines.
  • This represents a 3.4-month supply at the current sales pace.

According to Lawrence Yun, Chief Economist at NAR:

“Another month of solid price gains underlines this ongoing trend of strong demand and weak supply. The underproduction of single-family homes over the last decade has played a predominant role in the current inventory crisis that is weighing on affordability.”

In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As we mentioned before, there is currently a 3.4-month supply, and houses are going under contract fast. The Existing Home Sales Report shows that 43% of properties were on the market for less than a month when sold.

In January, properties sold nationally were typically on the market for 42 days. As Yun notes, this will continue unless more listings come to the market.

“While the good news is that Realtors in most areas are saying buyer traffic is even stronger than the beginning of last year, sales failed to follow course and far lagged last January’s pace. It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market and supply will ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house.

(Click for a FREE Instant Home Valuation for your Northern VA home

Selling Your Home During The Holidays – Good Idea or Bad?

Northern VA Home sales As Thanksgiving approaches, we often get the question, “Should I wait to go on the market until after the holidays?” or “My home is on the market now, should I take it off during the holidays?”. Well, the answer is “It depends“! Here are some things you might want to consider if you’re thinking of selling your home during the holidays (and you can start here with a FREE online estimate of what your home is worth.)

  • If your home is already on the market, it may be a good idea to stay on the market. Buyers who are looking at homes during the holidays are usually “Real Buyers” and not just “lookie-loos”. Beth Dadisman, Buyer Specialist for The Belt Team, says “I have multiple buyers who are VERY motivated to buy during this timeframe.” And Gail Belt, Founding Partner of The Belt Team says, “My experience is that Buyers who are out looking at property during the holidays tend to be serious buyers. There may not be as many people looking at your house, but the ones who come NEED to buy or they wouldn’’t be out looking at this time of year.” Beth added, “My husband and I have moved 3 times in January. So we were some of those serious buyers looking in December!”
  • During the holidays, many Sellers take their homes off the market. This means we often see inventory drop and therefore if you’re on the market, you may have less competition. Kevin Kleifges, Belt Team Listing Partner, says: “It depends on your situation. I’m advising most of my sellers to stay on the market. We can work with you to restrict showings on special days like Thanksgiving. But selling now before Spring competition picks up might be in your best interests.” Terry Belt, CEO of The Belt Team adds, “If you do go off the market now, consider coming back on immediately in the new year. In many areas, homes sell for more money in January-February than they do in the typical “Spring Market”  of March-April.
  • What is your true motivation? Do you truly want/need to sell? If you’re just “testing the market” (IE – if you are not realistically pricing your home to what TODAY’S Buyers are willing to pay), then now is NOT the time to go on the market. Your home will likely not sell, and then when Spring arrives – your home will be “stale on the market”. Tom Hanton, Realtor Partner with The Belt Team says “Prospective Buyers will wonder what’s wrong with your home and why it’s been on the market so long.” (This is true at any time of year. Overpricing stigmatizes your home and hurts your eventual bottom line significantly.)
  • Set your expectations properly.” says Kevin. “Plan accordingly and prepare yourself & your family to be ready to juggle preparation & showings with other seasonal activities. (And if you have little ones, maybe Santa’s upcoming visit will encourage them to keep their rooms clean!)”
  • Some Sellers really should wait until Spring. While most homes look better in the Spring when the trees fill out & flowers are in bloom, this is not usually a reason to wait for Spring. (That’s what everyone does and that just means more competition.) However, some homes are an exception to this rule. For example, Terry Belt shares, “We had a listing that backed to a cemetery. And while some people like that idea (quiet neighbors!), most people don’t like the reminder when they look out the window of their home. This is an item that can severely impact salability and price. In this case, we advised our Sellers to wait a few extra months and put their home on the market when trees were fully blossomed and the cemetery was not visible. You cannot get rid of extraneous factors like a cemetery, but you can mitigate their impact.”
  • If you do go on the market, don’t forget that Buyers looking at your home are trying to picture themselves & their families in your home. This is hard to do if your home is over-decorated with holiday knick knacks. “You may want to be a little more restrained than you normally would be when putting up your decorations” says Tom, “Too many decorations can also make your rooms look smaller than they really are. In addition, Winter is a dark time of year, so make sure you keep your home as light-filled as possible. Open the drapes, raise the blinds and turn on all your lights. The few extra pennies will be worth it!

If you need help working through what is the best time to put your home on the market, contact The Belt Team – or give Terry Belt or Kevin Kleifges or Tom Hanton a call at (703) 242-3975. Every situation is different and we would be happy to help you figure out what is best for YOU!

FREE online estimate of what your home is worth.Best Real Estate Agents in Northern VA

Selling Your Home During The Holidays – Good Idea or Bad?

Northern VA Home sales As Thanksgiving approaches, we often get the question, “Should I wait to go on the market until after the holidays?” or “My home is on the market now, should I take it off during the holidays?”. Well, the answer is “It depends“! Here are some things you might want to consider if you’re thinking of selling your home during the holidays (and you can start here with a FREE online estimate of what your home is worth.)

  • If your home is already on the market, it may be a good idea to stay on the market. Buyers who are looking at homes during the holidays are usually “Real Buyers” and not just “lookie-loos”. Tom Reilly, Lead Buyer Specialist for The Belt Team, says “I have multiple buyers who are VERY motivated to buy during this timeframe, especially since interest rates are forecast to rise next year.” And Gail Belt, Founding Partner of The Belt Team says, “My experience is that Buyers who are out looking at property during the holidays tend to be serious buyers. There may not be as many people looking at your house, but the ones who come NEED to buy or they wouldn’’t be out looking at this time of year.” Beth Dadisman, The Belt Team’s Showing Partner added, “My husband and I have moved 3 times in January. So we were some of those serious buyers looking in December!”
  • During the holidays, many Sellers take their homes off the market. This means we often see inventory drop and therefore if you’re on the market, you may have less competition. Kevin Kleifges, Belt Team Listing Partner, says: “It depends on your situation. I’m advising most of my sellers to stay on the market. We can work with you to restrict showings on special days like Thanksgiving. But selling now before Spring competition picks up might be in your best interests.” Terry Belt, CEO of The Belt Team adds, “If you do go off the market now, consider coming back on immediately in the new year. In many areas, homes sell for more money in January-February than they do in the typical “Spring Market”  of March-April.
  • What is your true motivation? Do you truly want/need to sell? If you’re just “testing the market” (IE – if you are not realistically pricing your home to what TODAY’S Buyers are willing to pay), then now is NOT the time to go on the market. Your home will likely not sell, and then when Spring arrives – your home will be “stale on the market”. Tom Hanton, Realtor Partner with The Belt Team says “Prospective Buyers will wonder what’s wrong with your home and why it’s been on the market so long.” (This is true at any time of year. Overpricing stigmatizes your home and hurts your eventual bottom line significantly.)
  • Set your expectations properly.” says Kevin. “Plan accordingly and prepare yourself & your family to be ready to juggle preparation & showings with other seasonal activities. (And if you have little ones, maybe Santa’s upcoming visit will encourage them to keep their rooms clean!)”
  • Some Sellers really should wait until Spring. While most homes look better in the Spring when the trees fill out & flowers are in bloom, this is not usually a reason to wait for Spring. (That’s what everyone does and that just means more competition.) However, some homes are an exception to this rule. For example, Terry Belt shares, “We had a listing that backed to a cemetery. And while some people like that idea (quiet neighbors!), most people don’t like the reminder when they look out the window of their home. This is an item that can severely impact salability and price. In this case, we advised our Sellers to wait a few extra months and put their home on the market when trees were fully blossomed and the cemetery was not visible. You cannot get rid of extraneous factors like a cemetery, but you can mitigate their impact.”
  • If you do go on the market, don’t forget that Buyers looking at your home are trying to picture themselves & their families in your home. This is hard to do if your home is over-decorated with holiday knick knacks. “You may want to be a little more restrained than you normally would be when putting up your decorations” says Tom, “Too many decorations can also make your rooms look smaller than they really are. In addition, Winter is a dark time of year, so make sure you keep your home as light-filled as possible. Open the drapes, raise the blinds and turn on all your lights. The few extra pennies will be worth it!

If you need help working through what is the best time to put your home on the market, contact The Belt Team – or give Terry Belt or Kevin Kleifges or Tom Hanton a call at (703) 242-3975. Every situation is different and we would be happy to help you figure out what is best for YOU!

FREE online estimate of what your home is worth.2424Best Real Estate Agents in Northern VA

Home Prices and Interest Rates – Here’s the 411!

Wondering what’s happening with home prices and interest rates in the national real estate market? Check out this one minute video:

When you’re ready for a hyperlocal update for areas in Northern Virginia like Vienna, McLean, Oakton, Great Falls, Fairfax, Reston, Arlington, Annandale, Ashburn, Falls Church, Burke, Dunn Loring & Alexandria – contact The Belt Team at (703) 242-3975. Local numbers don’t always mirror national trends and you may even find wide variations in adjoining towns and cities in Northern VA!

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Crystal Ball Forecast for The 2016 Northern VA Real Estate Market

Northern VA Real Estate Forecast 2016

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.

Realtor The Belt Team     Real Estate Predictions

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:

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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
  • Inventory

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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!

Selling Your Home During The Holidays – Good Idea or Bad?

Northern VA Home sales As Thanksgiving approaches, we often get the question, “Should I wait to go on the market until after the holidays?” or “My home is on the market now, should I take it off during the holidays?”. Well, the answer is “It depends“! Here are some things you might want to consider if you’re thinking of selling your home during the holidays (and you can start here with a FREE online estimate of what your home is worth.)

  • If your home is already on the market, it may be a good idea to stay on the market. Buyers who are looking at homes during the holidays are usually “Real Buyers” and not just “lookie-loos”. Tom Reilly, Lead Buyer Specialist for The Belt Team, says “I have multiple buyers who are VERY motivated to buy during this timeframe, especially since interest rates are forecast to rise next year.” And Gail Belt, Founding Partner of The Belt Team says, “My experience is that Buyers who are out looking at property during the holidays tend to be serious buyers. There may not be as many people looking at your house, but the ones who come NEED to buy or they wouldn’’t be out looking at this time of year.” Beth Dadisman, The Belt Team’s Showing Partner added, “My husband and I have moved 3 times in January. So we were some of those serious buyers looking in December!”
  • During the holidays, many Sellers take their homes off the market. This means we often see inventory drop and therefore if you’re on the market, you may have less competition. Kevin Kleifges, Belt Team Listing Partner, says: “It depends on your situation. I’m advising most of my sellers to stay on the market. We can work with you to restrict showings on special days like Thanksgiving. But selling now before Spring competition picks up might be in your best interests.” Terry Belt, CEO of The Belt Team adds, “If you do go off the market now, consider coming back on immediately in the new year. In many areas, homes sell for more money in January-February than they do in the typical “Spring Market”  of March-April.
  • What is your true motivation? Do you truly want/need to sell? If you’re just “testing the market” (IE – if you are not realistically pricing your home to what TODAY’S Buyers are willing to pay), then now is NOT the time to go on the market. Your home will likely not sell, and then when Spring arrives – your home will be “stale on the market”. Tom Hanton, Realtor Partner with The Belt Team says “Prospective Buyers will wonder what’s wrong with your home and why it’s been on the market so long.” (This is true at any time of year. Overpricing stigmatizes your home and hurts your eventual bottom line significantly.)
  • Set your expectations properly.” says Martin Bristow, Belt Team Realtor.Plan accordingly and prepare yourself & your family to be ready to juggle preparation & showings with other seasonal activities. (And if you have little ones, maybe Santa’s upcoming visit will encourage them to keep their rooms clean!)”
  • Some Sellers really should wait until Spring. While most homes look better in the Spring when the trees fill out & flowers are in bloom, this is not usually a reason to wait for Spring. (That’s what everyone does and that just means more competition.) However, some homes are an exception to this rule. For example, Terry Belt shares, “We had a listing that backed to a cemetery. And while some people like that idea (quiet neighbors!), most people don’t like the reminder when they look out the window of their home. This is an item that can severely impact salability and price. In this case, we advised our Sellers to wait a few extra months and put their home on the market when trees were fully blossomed and the cemetery was not visible. You cannot get rid of extraneous factors like a cemetery, but you can mitigate their impact.”
  • If you do go on the market, don’t forget that Buyers looking at your home are trying to picture themselves & their families in your home. This is hard to do if your home is over-decorated with holiday knick knacks. “You may want to be a little more restrained than you normally would be when putting up your decorations” says Terry, “Too many decorations can also make your rooms look smaller than they really are. In addition, Winter is a dark time of year, so make sure you keep your home as light-filled as possible. Open the drapes, raise the blinds and turn on all your lights. The few extra pennies will be worth it!

If you need help working through what is the best time to put your home on the market, contact The Belt Team – or give Terry Belt or Kevin Kleifges a call at (703) 242-3975. Every situation is different and we would be happy to help you figure out what is best for YOU! Best Real Estate Agents in Northern VA

National Numbers Are In – Home Sales Down, Prices Up, Interest Rates Rise

The national real estate numbers are in and here’s what we see in the macromarket:

  • Number of Home Sales Down
  • Median Home Price Up
  • Interest Rates Up

This makes it a GREAT time to sell. And homebuyers might not want to keep waiting. Time to hop off the fence! Here are the details. (If you’re buying or selling NOW, call Terry Belt & The Belt Team at 703-242-3975 for info on YOUR local market. Local micromarkets often vary from the national norm.)