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I am coming to the close of my Northern Virginia Spring Real Estate season; the homes I listed this spring will soon be closing.
The question I most get is, 'what is the real estate market like?'
Frankly, here in Northern Virginia, specifically Fairfax County, it is really good!
All of my homes sold quickly this spring. Most had multiple offers. All sellers were happy with the price and conditions of their contract. In other words, I was able to get all my sellers what they were looking for to make it worth selling their home. The key to selling, now as always, is to be reasonable withyour pricing and listen to what the sales data is saying. Appraisals are still important. If you get an offer for your home, the appraisal must still support the price for the sale to go through (in most cases). Finally, condition matters. Putting your best foot forward will be worth the extra preparation time and money. Buyers are looking for either turn-key properties or total fixer-uppers (with the low prices to match). Homes that are marginally maintained and lacking updates will languish on the market until the price drops to match their condition.
For buyers, the Northern Virginia real estate market can be a challenge. Our inventory has been limited and what goes on the market in good condition at a fair price, is being snapped up. There is a lot of pent up demand. The unemployment numbers in the D.C. Metro area remain low and many buyers have been lacking confidence, not the resources, to buy. They are tired of waiting and they are coming out in droves (24 groups through my open house last weekend). A well-prepared property with a market driven price will go under contract pretty quickly.
If you have been thinking of selling, the summer might be a good time to capture all those buyers who were left frustrated by the Spring market. Interest rates are low, inventory is low and there is still plenty of pent-up demand. Just last weekend, I listed a property that generated multiple offers, including escalation clauses.
If you are a buyer, this is a good time to look around. Many folks are out of town and the competition might not be as fierce. Do your homework, understand the market, have your financing lined up and be ready to make a quick decision, if you see a home that meets your personal needs.
If you are just curious about the investment you have in your home, I think you can feel better about things than you have in a while!