Our current mood...
√ Keeping up with our new year Resolution
√ Recovering from holidays
√ Praying for lives in Australia
Our current real estate mood...
√ Shock by 2020 January Housing market in Fairfax & Loudoun county of Northern Virginia
What's going on with the housing market in the Fairfax & Loudoun county?
Northern Virginia market has picked very early momentum on the market. Homes that were sitting with no offers in November 2019 are getting showings. Multiple offers are common on homes priced right and in an affordable price range.
Past few years we were slow or sluggish during holidays. Right after we ring new years we have a strong housing market across the Northern Virginia area.
Buyers in the Fairfax or Loudoun county area you don't want to wait until spring because we will be facing similar challenges with low inventory, high rents, and a low inventory. If you have read my blogs in the past you very well know low unemployment, high confidence, and income in the region keep us our market HOT!! If you are a home buyer in the Fairfax or Loudoun county area don't be knit picky. Look past cosmetics and be reasonable with the offer. Listen to your Realtor's advice.
Seller in the Fairfax or Loudoun county area who do not want to wait until springtime can take advantage of the low inventory and list the home now. Spring may fetch you few extra bucks but if you don't want to live through winter in the area go list now!
Investor in the Fairfax or Loudoun county area you may not break even with the rental income with your mortgage payments. However, if your goal is to invest for a long term property appreciation you may dive in. If you cannot tolerate negative cash flow than explore other market opportunities. If you are looking to buy and flip there is a very small market in the Northern Virginia regions. Remember we had and have one of the lowest distress property markets in the country.
New construction - Builders where national or local builder does offer incentives. If you are a home buyer that does not want to be stuck in an old or a resale home explore your options. Most of the builders have closed their books for this year but if the home is ready to be delivered they may offer additional incentives to score a deal for winter. To be builts there are far few negotiations considering higher demand. There are many townhome communities to select from in the Fairfax & Loudoun county however single-family is a handful.