Winter may be Calm in the Northern Virginia area but we are in a middle of HOT seller's real estate market. Just like spring anything and everything else.
If you reach out to any Northern Virginia real estate agent in the area, they will tell you if you are planning to buy a 1st time home buyer or a median home price home in the region market is very HOT. We cannot keep the home on the market more than 24 hours before we see an offer. It almost feels like 2005 mad rush. I have personally never seen such a tight inventory in an average price point home in the area.
If you are a home buyer who did not expect early spring market in January 2017, should you buy into the real estate madness market or should you hold off till things cool down?
As a local real estate, I have been on both the side of the fence.
Currently, I have buyers who are buying and are under contract with a home. And I have buyers who have made a decision to hold off for a little while.
So what is the difference? Why one set is ready while others one is on the fence?
The buyers who are under contract are not a new house hunter. They have talking, shopping and doing their homework for a while. They have walked the field to know what they are wagging against. These home buyers are educated and savvy buyers. They know where they want to live and the type of home they want to purchase. The stable/slide in the interest rate also encouraged them to move forward rather than gamble and wait till true spring season.
While others unsure about the political environment (remember we are playing in DC metro area), some cannot take the heated market and for some, it is best to hold off.
How do you determine if I am ready to should I hold off?
The best person is to go with your gut or discuss openly with your Northern Virginia local real estate agent.
Remember there will be always a perfect home for you. You decide to hold off or make a move now real estate is a long-term investment.
When you are ready to make your biggest financial commitment everything will fall in its place.
Please don't be an impulsive buyer!
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