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1st Quarter 2019 Market Update! - McLean and Great Falls
First quarter 2019 went out like a lion on March 31st with breezy weather in Northern Virginia.  The real estate market behaved similarly at the end of the first three months of the new year.  The numbers have been tallied for real estate sales in McLean and Great Falls and indicate down year over year by 14%, 183 compared to 214.  The good news is the market has considerably improved over 2009, a decade ago, which totaled only 108.  The market shifts are likely due to several factors.    
In many price segments inventory levels are low relative to demand.  This is particularly the case at the lower price points.  In these market dynamics, buyers are faced with several options:  raise their purchase price range, make concessions, or wait until more choices became available.  There are those that sit on the sidelines, putting their move on hold in hopes that prices will soon be in line with their purchasing power and/or for more homes to become available. 
Interest rates have remained steady and in some cases are back to historic lows.  As interest rates rise, buyer’s purchasing power is affected.  There can be a positive market impact as buyers have urgency to ... more

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