Fairfax County's Real Estate Market is Hot!

The summer real estate statistics are just in, and it’s all good news for Fairfax County. The housing market in the area was as hot as the weather this past summer, and that’s great news for both buyers and sellers. Home sales in the region were up over 6% from the same time last year, and the average sale price increased by 4.5%.

There’s still a good deal of traffic in the market as demand continues to stay strong. The number of homes for sale has actually decreased, and multiple offers are becoming more the norm. The entry-level housing traffic is especially busy as both first-time buyers and investors get back into the market. This means that buyers need to make quick decisions, and have their financing solidly in place before going on the hunt.

Buyers are primarily looking for homes in excellent condition that will allow them to move right in. For sellers, this means that initial pricing and the condition of your home will be the most important factors in getting it sold quickly. Buyers are attracted to newer homes, or older homes that have been recently renovated: re-done kitchens and baths; upgraded flooring; and replacement windows. While there are some DIY’ers out there as well as investors looking for fixer-uppers, the current push in the market is for move-in-ready homes.

This is one of those rare times in the real estate market when both buyers and sellers are benefitting from the same conditions. Mortgage rates remain low, and home prices, while on the rise, are still very attractive. The backlog of homes on the market is dwindling, and the number of short sales and foreclosures are slowing. The number of days a listing stays on the market is falling, too, meaning that everyone is getting what they want.

Now is a very good time to make your move in Northern Virginia. All of us here at the Sullivan Group are ready to help you find just the home you want, or sell the one you have. Contact my office at 703-222-3300 or speak with me directly on my cell at 703-268-6380, or by email at csullivanrealty@gmail.com.