Every week Ritu Desai with Samson Properties releases weekly market activities that will impact home buyers, home sellers, landlords, and investors' decisions to buy a home or sell a home or rent a home in Fairfax, Loudoun, and Prince William counties.
According to bright MLS Inventory -44.5% compared to last year this week last year. Even though the spring market is in full swing we are seeing a lack of seller's motivation to sell the home. It could be Over-housing or Where do I go reason. Lenders are seeing an uptick in mortgage applications. These are not primary home purchases but HELOC or 2nd loans with the equity the homeowners are sitting on. The sentiment is to update the home rather than venture into this tight inventory and uncertain market. This all leads to Home buyers house hunting don't fall for the headlines. A well-priced home in the Northern Virginia area is still attracting multiple offers without contingencies. The rental market continues to be soft with the rising inventory.
Do you have a real estate question regarding the DC Metro housing market? Let's talk 703-625-4949 or at www.RituDesai.com
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