U.S. Housing Inventory Hits a New Low – That’s GREAT! (If You’re Selling!)

Here’s the latest from our colleagues at Keeping Current Matters.
For info about YOUR neighborhood (or the neighborhood you want to live in), give The Belt Team a call at (703) 242-3975. We can provide you with detailed facts PLUS the “boots on the ground” data that will help you make the RIGHT move! Because what’s happening in Vienna may be different than in Arlington. Even more important is price range – because we are seeing a slowing in the upper ranges, while other price ranges remain HOT!
U.S. Housing Inventory Hits a New Low… List Your House TODAY! | MyKCM

Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.

Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago.

Here is a chart showing the decrease in inventory levels by category:

U.S. Housing Inventory Hits a New Low… List Your House TODAY! | MyKCM

Bottom Line

Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2017, now may be the perfect time.

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Search Homes For Sale on our State-of-the-Art Search Site (It’s updated faster and more often than other sites!)

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Oakton Home Sale Statistics – How Long To Sell Your Home and Are Prices Rising?

If you’re thinking of buying a home in Oakton VA in 2017, then you’re probably wondering things like:

  • “How long are homes on the market?”
  • “Will I have to pay over list price or can I get a deal?”
  • “Buyer’s Market or Seller’s Market?”

If you’re thinking of selling a home in Oakton in 2017, you’re probably wondering:

  • “How long will it take to sell my house?”
  • “Will I have to negotiate my list price?”
  • “Seller’s Market or Buyer’s Market?”

FREE Online INSTANT Home Valuation Estimator

Let’s look at 2016 statistics as they are often an indicator of what you can expect:

  • Average Days on Market in Oakton: 67  (up from 61 days in 2015)
  • Sold Price as % of Original List Price: 95.6% (up from 95.5% in 2015)
  • Percent of Homes Sold in 10 Days or Less: 26% (down from 29% in 2015)
  • Average Sold Price: $676,683 (down from $739,544 in 2015)
  • Number of Home Sales: 321 (up from 318 in 2015)
  • More Oakton Real Estate Market Stats

BUYERS:

Current housing supply in Oakton VA is 2.9 months. This translates to a “Seller’s Market”. (Be aware that number is for the market as a whole. If you are buying, you’ll need to ask for an analysis of the price range you’re looking in as some price ranges may actually have much more inventory.) Either way – you need all the advantages you can get. Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS. Call 703-242-3975 for details.

SELLERS:

Terry Belt, CEO of The Belt Team commented, “Every year, we see competition for the best listings in the market. Often times, those who sell in January/February sell for more than those who wait for the traditional “Spring Market”. In 2017, we especially think this will bear out as we are already seeing interest rates rise, pricing some folks out of the market. Time will tell as to what 2017 has in store, but The Belt Team is already working with a number of Buyers and Sellers in Oakton and we expect the market to start out briskly.”

If you’re selling a home, your next question may be – “Is there a way to sell faster and for more than average?” And the good news is YES!

The best way to do that is to hire the real estate team with the best proven track record of success in the Oakton Vienna area. (Yes – we include Vienna because most people looking at homes in OAkton are also looking in Vienna. So having a top Realtor in both areas is in your best interests. When Buyers look at our listings in Vienna and rule our Vienna, we can refer them to our listings in Oakton!)

So who is that? It’s The Belt Team. Check out Belt Team statistics:

Once again in 2016, The Belt Team sold more homes in the Oakton Vienna area than any other agent or team. This has been the case every single year since 2009. Our track record here shows we sell homes more quickly and for more money than the “average agent”. Our experience & expertise save you time & money!

Anyone can have a good year. Maybe even a good year or two. When you’re selling your home, you need results you can count on. Over the past 10 years, The Belt Team has consistently sold more homes in the Oakton/Vienna area than ANY other agent or team—84% more than the next closest team.

The Belt Team

 

 

 

 

 

 

 

Only three of the 10,000+ Realtors in Northern VA have sold more than 200 homes in Vienna/Oakton in the past ten years. Of those, The Belt Team has the best sold to list price ratio. (Meaning not only do our homes sell faster than average, they sell for a higher percentage of list price than our top competitors.)

Only two agents/teams in Northern VA have sales of more than $250 Million. The Belt Team is one of them. We’ve sold more than $395 Million. 57% more than our next closest competitor. AND our listings also sell more than a month FASTER and FOR 3.3% MORE than this competitor.

On a $2M home, that’s $66K more in YOUR pocket!

Call The Belt Team at (703) 242-3975 if you would like to buy or sell a home in the Oakton Vienna. Not only have we sold more home in this area, but many of our team members have lived here for years. Terry Belt & Christy Belt Grossman grew up in Vienna, have lived here since 1972 and raised their families in here. And Christy’s husband Bill is a baseball coach at Oakton High School. Tom Hanton & Kevin Klefiges has also lived in the area since they were children and are raising their families here as well. We know the schools, the parks, the commuter short cuts, the history and all the things that make Oakton a most special place to live. Not only do we sell homes in Oakton, but with genuine enthusiasm & experience, we sell the entire community.

FREE Online INSTANT Home Valuation Estimator

 Don’t YOU deserve the BEST Realtor in the Oakton Vienna area?

Top Realtor Vienna VA

Northern VA Housing Market – Post Election Update

Credit: Keeping Current Matters

Credit: Keeping Current Matters

Election years in Northern Virginia are usually a time when the real estate market takes a deep breath and pauses to see what will happen. “I’m putting my home search on hold until we see how the election shakes out”  and “I’m gonna wait and see what happens to interest rates after the election” are comments we’ve heard frequently over the past twelve elections.

Let’s look at the market stats for some of our Northern Virginia areas and see whether that rang true this year. The charts below show the number of home sales year-to-date year-over-year for 2014, 2015 & 2016. And there seems to be a pretty consistent pattern.

Northern VA Real Estate Market

Northern VA Real Estate MarketNorthern VA Real Estate MarketNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate Stats

 

 

 

 

 

 

 

 

Other than in Ashburn, sales rose significantly in 2015 over 2014. And instead of the market pausing to digest the election, home sales continued to rise in 2016. This was true in Alexandria, Arlington, Great Falls, Herndon, McLean, Oakton, Reston & Vienna – as well as in a number of other areas.

Stay tuned for our CEO Terry Belt’s 2017 Crystal Ball Predictions! (You can read his 2016 Predictions here).

Call Terry Belt & The Belt Team at (703) 242-3975 if you’d like a market analysis for your home or neighborhood. Statistics vary wildly between cities, school districts and price ranges. And if you’re thinking of selling in 2016, NOW is the time to prepare. Did you know that in many areas of Northern VA last year, Sellers who sold in January-February sold their homes for more than those who waited for the “Spring Market”?!

FREE INSTANT Estimate of Your Home’s Value

Search Home Values in YOUR Neighborhood or City on our STATE-OF-THE-ART WEB SITE

The Northern VA Real Estate Market Is Shifting – Special Message from CEO Terry Belt

I’ve lived in Northern VA for almost my entire life. And I’m a third generation real estate agent. I know both our area and real estate well! One thing I know for sure is that the real estate market is not a straight, static line and it never will be. It is always moving.

I believe we are going to see our next shift in the next 12 months or so. Local bankers and experts are giving it 12-24 months in the Northern VA – Washington DC area market before it hits. I’m calling it sooner, and yet who knows? This means I believe we will move into neutrality, then back into a Buyer’s Market. We are likely at the peak of this Seller’s cycle between now and Spring. In fact, some parts of our market have already shifted notably over the past 3 months.

I recently returned from masterminding with Gary Keller, the Chairman of the Board of Keller Williams Realty (the world’s largest real estate company with over 140,000 Realtors), and with our Top 100 agents. Approximately half of the metropolitan areas in the USA are already undergoing this shift. I am tracking it closely. We may or may not have one more spring as crazy and frenetic as this past one was, with multiple offers in the entry price ranges and buyers beating down seller’s doors. As one of the area’s top teams, The Belt Team has been privileged to help 71 families buy and sell homes so far this year, and we expect to help many more in the coming months. We have an excellent handle on the market and especially the micro markets throughout Northern VA and Washington DC. Sometimes those micromarkets are geographical and sometimes they are price driven.

What does this mean for you? Well our market has two primary seasons, although we are lucky that we don’t have extreme seasonality here. The majority of our residential real estate sales come in the spring. Our secondary market is fall: September/October. If you have been thinking about selling your home in the next few years, I highly urge you to email or call me (703-242-3975) so we can begin the conversation about home prep, pricing, and timing. You may not decide to sell now, and yet I highly recommend having the conversation now. I think selling in the next 60 days is outstanding timing.

Call, or email any time. We are happy to talk and meet with you, advise you on preparations & timing, and to give you a property and pricing analysis of your home with no obligation. Feel free to browse our website. I look forward to a continued conversation.

Best,
Terry Belt
CEO, The Belt Team

CEO The Belt Team

“Four Months Is Cray-Cray”

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.

Low Inventory in Northern VA - Keeping Current MattersBuyers – 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:

Buyer’s Markets

  • Great Falls – 6.7 months

Balanced Markets

  • Dunn Loring – 5 months
  • McLean – 4 months

Seller’s Markets

  • 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.

Top Realtors Northern VA

Reston Virginia: Buyer’s Market or Seller’s Market? How Long To Sell Your Home and Are Prices Rising?

If you’re looking to buy or sell real estate in Reston, VA in 2016, you may be wondering how long homes are on the market, whether prices are up or down and whether it’s a Buyer’s Market or Seller’s Market.

First, let’s look at what happened in 2015:

  • Average Days on Market: 59 days (up from 39 days in 2014 and 25 days in 2013)
  • Average Sold Price: $464,522 $462,998 (up 0.3% from 2014 and 2.9% in 2013)
  • Average Sold Price as % of List Price: 96.8% (down from 97.2% in 2014 and 98.3% in 2013)
  • Percent of Homes Sold in 10 Days or Less: 27% (down from 34% in 2014)

Now, to get an even better sense of what’s happening in the real estate market, go to our web site for up-to-date Reston VA housing stats on the most recent month as compared to the five year average. This will indicate what the current trends are.

Call Terry Belt & The Belt Team at (703) 242-3975 if you would like to buy or sell in Reston, VA.

Oakton Virginia: Buyer’s Market or Seller’s Market? How Long To Sell Your Home and Are Prices Rising?

If you’re looking to buy or sell real estate in Oakton, VA in 2016, you may be wondering how long homes are on the market, whether prices are up or down and whether it’s a Buyer’s Market or Seller’s Market.

First, let’s look at what happened in 2015:

  • Average Days on Market: 62 days (almost the same as 2014 and up from 52 days in 2013)
  • Average Sold Price: $738,418  (up 5.3% from 2014 and 8.6% from 2013)
  • Average Sold Price as % of List Price: 95.6% (down from 96.2% in 2014 and 97.7% in 2013)
  • Percent of Homes Sold in 10 Days or Less: 29%

Now, to get an even better sense of what’s happening in the real estate market, go to our web site for up-to-date Oakton VA housing stats on the most recent month as compared to the five year average. This will indicate what the current trends are.

Call The Belt Team at (703) 242-3975 if you would like to buy or sell in Oakton this year.

Buyers – you’ll be interested to know that Belt Team buyers only paid 94.1% of original list price in 2015 – versus the average buyer who paid 95.6%! That’s a savings of $22,500 on a $1.5 million dollar home!

Sellers – you’ll also be happy that our listings on the Oakton Vienna area over the past 10 years have sold FASTER and for MORE MONEY than average!