What a year 2023 has been. It’s been challenging yet so rewarding. Here it the Home Estate Realty Group’s video recap.
Denise Fuller
Real Estate Specialist
Home Estate Realty Group | Coldwell Banker Realty
703-881-6947
This past month, the real estate market in Northern Virginia continues to be steady with some key positives. The Department of Labor Statistics announced inflation rose only 0.1% from November to December and the new inflation rate from November 2022 to November 2023 was 3.1%. Additionally, the Federal Reserve announced they would not raise the federal funds rate for a third straight time. This are excellent indicators for an improved real estate market. In Northern Virginia, inventory levels remain low, partly due to this seasonably slower time. Still, home prices remain steady. Mortgage interest rates also fell under 7% and have been holding. Here what this all means for the Northern Virginia real estate market update for December 2023.
Using statistics from MarketStats by ShowingTime, we looked at 10 counties in Northern Virginia – Alexandria, Arlington, Fairfax, Falls Church, Fauquier, Loudoun, Manassas City, Manassas Park City, and Prince William. Here are the highlights for Northern Virginia in general, Prince William, and Loudoun counties.
The median sale price for a home in Northern Virginia is now $628,645, which is up 1.4% from the previous month and up 7.5% from this time last year.
At the end of October 2023, there were 1,816 homes sold in Northern Virginia. This is down 12.6% from the previous month and down 7% from last year. This speaks to the extremely low number of homes for sale in the area. Part of this is also due to the holiday season, which tends to be a slower time in the real estate market. Many homeowners are willing to wait to the Spring before listing their home for sale.
The number of Days on Market for Northern Virginia is now 20 days, which is 3 more days than last month and 7 days less than this time last year.
This month, there are 2,468 homes for sale. This is 382 less homes than last month (down 15%) and 673 less homes than this time last year (down 27%).
Inventory levels remain low in Northern Virginia. Month’s Supply refers to how many months it will take to sell all the current homes currently on the market. Most consider a balanced market, where buyers and sellers are on the same playing field, to be about 3-6 months supply. Currently, Northern Virginia has a month’s supply of homes for sale of 1.4; this is the same as it was last month.
The hesitancy of many home owners to sell their homes may continue next year. Many are unwilling to give up their 3-5% mortgage interest rates to buy another home at 7%. Only time will tell if they decide differently.
According to Bright MLS Home Demand Index, buyer demand in the Washington Metro Area (which includes Northern Virginia) remains “Limited”. The Bright MLS | T3 Home Demand Index measures and tracks consumer and real estate professional behavior related to shopping for real estate. They look at metrics such as views of homes online and in-person showings. Ratings are categorized into 5 score points: Limited (under 70 points), Slow (70-89), Steady (90-109), Moderate (110-129), and High demand (over 130).
This month, the top five highest ranking areas in Northern Virginia are: STEADY in Arlington (98); SLOW in Alexandria City (75) and Fairfax (73); and LIMITED in Prince William County (69), Manassas City (61). Loudoun County’s buyer demand is LIMITED at 59.
As 2024 is fast approaching, the predictions are also rolling in. According to the National Association of Realtors (NAR), inventory will remain an issue and home prices will go up slightly at 0.7%. Bright MLS also predicted an increase in home prices but by 1.5%. Zillow predicted prices to fall 0.2% and Realtor.com predicted prices to fall 1.7%. The general consensus is that home prices are not expected to change much in the coming year as low inventory continues to plague the real estate industry. Homeowners will still have a slight advantage. They should have expectations of longer days on the market, more negotiations, and price adjustments. Multiple offer situations will still occur when price, condition, and marketing all line up.
The good news of the market update for November 2023 is that home prices seem to holding steady and strong. When correctly priced, homes continue to sell for what sellers are asking. Multiple offers are no longer the norm. There are exceptions, however. When proper pricing and excellent condition meet, multiple offers are an advantage to homeowners. In the articles, Home Pricing for Multiple Offers and Get Top Dollar for Without the Stress you’ll learn more about the right conditions for successful home-run sales.
The annual percentage rate on 30-year conventional mortgages hovers a smidge below 7%. This is the new normal. The latest Consumer Price Index figures (used to measure inflation) were announced to be at 3.1%. This percentage shows change over time in the prices for a basket of consumer goods. The Federal Reserve has stated that they want to see the inflation figure down to 2%. The next Consumer Price Index report announcement was today (December 12, 2023) and the next Federal Reserve announcement is set for 2 pm tomorrow, December 13, 2023.
For homeowners in Northern Virginia, accurate pricing and good condition remain crucial ingredients to ensure a smooth and successful sale. If done properly, expect to get close to your original list price and go under contract in about 3 weeks.
Lower interest rates are on the horizon so stay vigilant in looking out for homes listed for sale each day. Expect mortgage interest rates to stay between 6.5% and 7%. The National Association of Realtors predict the 6% range in Spring 2024. Mortgage Bankers Association (MBA) forecasts mortgage rates to end 2024 at 6.1% and reach 5.5% at the end of 2025.
The market update for December 2023 continues STRONG and STEADY. If you’re looking for expert real estate agents to work with, reach out to us to see if we’re a good fit.
Also feel free to compare this update with last month’s Market Update – November 2023
Presently, mortgage interest rates on a 30-year fixed loan are down to around 6.8%. This is a big difference from just one month ago when rates were closer to 7.8%. This is great news for anyone thinking of buying a home as they can expect to be able to afford more. For example, a home loan for a $500,000 home with 20% down at 7.8% is about $3,500 per month (with taxes and fees). The same conditions at 6.8% is about $3,200 per month. A $300 savings each month adds up to about $108,000 over the life of the loan. So the benefits of lower mortgage rates is quite obvious for the home shopper. But what about homeowners? Here is what home sellers should know about mortgage interest rates.
Home sellers might not be directly impacted by mortgage interest rates, but these rates can significantly affect the pool of potential buyers for their homes. Here’s why sellers should pay attention to mortgage interest rates:
Ultimately, while sellers might not be directly affected by mortgage interest rates in the same way as buyers, understanding their influence on buyer behavior and market dynamics is crucial. These mortgage interest rates set the tone for pricing, timing the home sale, and attracting potential buyers.
What home sellers should know about mortgage interest rates is that it affects how they will want to sell their homes. Mortgage interest rates play a significant role in shaping the dynamics of the real estate market. With lower interest rates, home buyers can afford more. And home sellers will enjoy more activity in the selling process. Lower interest rates invigorate the home buying process for bother buyers and sellers.
Also feel free to compare this update with last month’s Market Update – November 2023.
The current real estate market in Northern Virginia continues to be steady. Inventory levels are lower than normal and this is keep home prices high. Mortgage interest rates remain around 7.5% and it appears that this is the new normal. This is just some of the indicators of this Market Update for November 2023.
Using statistics from MarketStats by ShowingTime, we looked at 10 counties in Northern Virginia – Alexandria, Arlington, Fairfax, Falls Church, Fauquier, Loudoun, Manassas City, Manassas Park City, and Prince William. Here are the highlights for Northern Virginia in general, Prince William, and Loudoun counties.
The median sale price for a home in Northern Virginia is now $619,000, which is the same as last month and up 3% from this time last year when the median sold price was $599,900.
At the end of October 2023, there were 2,078 homes sold in Northern Virginia. This is up about 3% from last month and down 9% from last year. So this illustrates the low inventory we’re currently experiencing compared to last year.
The number of Days on Market for Northern Virginia is now 17 days, the same it was last month and down from 8 days this time last year. This is good news for buyers as they have more time to see the homes they are interested in.
Inventory levels seem to be the new normal. There are 2,850 homes for sale, which is about the same it was last month. It’s also down about 38% from this time last year. Month’s Supply is another factor to consider. This refers to how many months it will take to sell all the current homes currently on the market. Most consider a balanced market, where buyers and sellers are on the same playing field, to be about 3-6 months supply. Currently, Northern Virginia has a month’s supply of homes for sale of 1.4; this is the same as the 5-year average. These numbers appear to be the new normal.
Many home owners are hesitant to sell their homes. They are unwilling to give up their 3-5% mortgage interest rates to buy another home at 7.5%, no matter the profit margin.
According to Bright MLS Home Demand Index, buyer demand in the Washington Metro Area (which includes Northern Virginia) remains “Slow”, the same as the previous month. The Bright MLS | T3 Home Demand Index measures and tracks consumer and real estate professional behavior related to shopping for real estate. They look at metrics such as views of homes online and in-person showings. Ratings are categorized into 5 score points: Limited (under 70 points), Slow (70-89), Steady (90-109), Moderate (110-129), and High demand (over 130).
This month. the highest ranking areas in Northern Virginia are: STEADY in Arlington (104); SLOW in Alexandria City (83); and LIMITED in Prince William County (69), Manassas City (67) and Falls Church (64).
The good news of the market update for November 2023 is that home prices seem to holding steady and strong. When correctly priced, homes continue to sell for what sellers are asking. Multiple offers are no longer the norm. There are exceptions, however. When proper pricing and excellent condition meet, multiple offers are an advantage to homeowners.
This is the new normal for now. The annual percentage rate on 30-year conventional mortgages hovers around 7.5%. The latest Consumer Price Index figures (used to measure inflation) were announced to be at 3.2%. This percentage shows change over time in the prices for a basket of consumer goods. The Federal Reserve has stated that they want to see the inflation figure down to 2%. The next Consumer Price Index report announcement is December 12, 2023 and the next Federal Reserve announcement is set for December 13, 2023.
Home pricing and good condition remain crucial ingredients to ensure a smooth sale. If done properly, expect to get close to your original list price and go under contract in under 3 weeks.
For the home shopper, the mortgage interest rates are lower than a month ago. Rates around 7.5% is the new norm. Most agree that Northern Virginia has a very strong real estate market grounded in its proximity to Washington DC, solid job market, great schools, and endless amenities. This means that home owners will see financial gains the longer they own a home in the area.
The market update for November 2023 is all about STRONG and STEADY. This is our new normal. We’re here to help you decide on what is best for you.
Also feel free to compare this update with last month’s Market Update – October 2023.
More and more homeowners are thinking about renting out their homes. This could include parts of their homes or even buying an investment property. More than likely, they’ve heard that it’s a great way to make passive income and build generational wealth. And this is very true. If you have thought about investing in real estate, it’s important that you know as much as possible before getting started. There are so many factors such as financial stability and an interest in real estate. The question is: have YOU been bitten by the real estate investment bug?
A great real estate investor should have most of these characteristics before getting started.
There is no reason to begin the journey of becoming a landlord on your own. So if you’ve been bitten by the real estate investment bug, consider finding and reaching out to your trusted team members in the following areas:
Are you still excited at the prospects of buying an investment property? If so, you have probably been bitten by the real estate investment bug. Additionally, it’s important to note that real estate investment is not one-size-fits-all. There are different types of investments and different circumstances to consider. Before investing in an investment property, it’s advisable to consult with the right advisors. Also, you’ll want to conduct thorough research to ensure the investment aligns with your financial objectives, risk tolerance, and resources. I’m here to help get you started. With years of experience and a slew of investor clients, I’m happy to help you on this journey.
NOTE: This article is not to be construed as legal advice. This is the opinion of the Author and has not been vetted by a lawyer.
Also read COUNTRY LIVING IN NORTHERN VIRGINIA
The current real estate market in Northern Virginia appears to be the new normal. Inventory levels match the 5-year averages. Home prices are leveling off. Additionally, the average sold price to list price is just at 100%. The latest Federal Reserve announcement also suggests that we should get used to higher interest rates for the next few years. They are waiting for inflation levels to go down to the desired 2% level. Here is the full breakdown of the market update for October 2023.
Using statistics from MarketStats by ShowingTime, we looked at 10 counties in Northern Virginia – Alexandria, Arlington, Fairfax, Falls Church, Fauquier, Loudoun, Manassas City, Manassas Park City, and Prince William. Here are the highlights for Northern Virginia in general, Prince William, and Loudoun counties.
The median sale price for a home in Northern Virginia is now $620,000, which is down about 5% from last month ($651,000) and up 6% from this time last year when the median sold price was $585,000.
At the end of September 2023, there were 2,024 homes sold. This is down a whopping 22% from the previous month and down 23% from last year. The number of Days on Market for Northern Virginia is now 17 days, up 1 day from the previous month and down from 5 days this time last year.
Inventory levels seem to be the new normal. There are 2,840 homes for sale, which is a 8% increase from the previous month but down 40% from this time last year. Month’s Supply is another factor to consider. This refers to how many months it will take to sell all the current homes currently on the market. Most consider a balanced market, where buyers and sellers are on the same playing field, to be about 3-6 months supply. Currently, Northern Virginia has a month’s supply of homes for sale of 1.2; this is the same as the 5-year average. These numbers appear to be the new normal.
Many home owners are hesitant to sell their homes. They are unwilling to give up their 2-3% mortgage interest rates to buy another home at 7%, no matter the profit margin. So for now it seems that only those who must sell at this time are doing so.
According to Bright MLS Home Demand Index, buyer demand in the Washington Metro Area (which includes Northern Virginia) remains “Slow”, the same as the previous month. The Bright MLS | T3 Home Demand Index measures and tracks consumer and real estate professional behavior related to shopping for real estate. They look at metrics such as views of homes online and in-person showings. Ratings are categorized into 5 score points: Limited (under 70 points), Slow (70-89), Steady (90-109), Moderate (110-129), and High demand (over 130).
This month. the highest ranking areas in Northern Virginia are: MODERATE DEMAND in Arlington (126) and Alexandria (119); STEADY in Manassas City (100) and Prince William County (91); and SLOW in Fairfax (73). Loudoun County buyer demand was recorded as LIMITED (59).
The good news of the market update for October 2023 is that home prices seem to be leveling off. The days of rapid 20% price increases appear to be a thing of the past. When correctly priced, homes continue to sell for what sellers are asking. Multiple offers are no longer the norm. There are exceptions, however. When proper pricing and excellent condition meet, multiple offers do happen.
This is the new normal for now. The annual percentage rate on 30-year conventional mortgages hovers around 7.7%. This is 6 basis points lower from the previous week and also up 78 basis points from last year. The latest Consumer Price Index figures (used to measure inflation) were announced in June to be at 3%. This percentage shows change over time in the prices for a basket of consumer goods. The Federal Reserve has stated that they want to see the inflation figure down to 2%. The next Consumer Price Index report announcement is October 12, 2023 and the next Federal Reserve announcement is set for November 1, 2023.
Home pricing and good condition remain crucial ingredients to ensure a smooth sale. For those not needing to buy another home right away or who are downsizing, this is a great time to sell their home.
For the home shopper, the mortgage interest rate around 7.8%. This is the new norm. Most agree that Northern Virginia has a very strong real estate market grounded in its proximity to Washington DC, solid job market, great schools, and endless amenities. This means that home owners will see financial gains the longer they own a home in the area. This means securing you home now and then waiting to refinance once rate fall again. As a reminder, those who own their home have a median net worth 40 times that of renters.
The market update for October 2023 is all about stabilizing this Fall. This is our new normal. No matter how many reports we read, no matter how may experts we listen to, there is NO crystal ball as to EXTACTLY what happens next in the housing market. What we DO know is that everyone’s situation is different. Some may be living in a home that is too large and requires too much maintenance. Others may want want to buy their first home and begin to build wealth. Regardless of your needs, it’s important to know that we are here to give you up-to-date and accurate information ALWAYS. We’re here to help you decide on what is best for you.
Also feel free to compare this update with last month’s Market Update – September 2023.
Fewer than one in five Americans live in rural areas, whoever, over half of Americans say they would prefer to live in the country. This is according to a recent poll. And Northern Virginia is no exception. Factors such as lower property prices, larger living spaces, and a quieter lifestyle attract individuals and families wanting a simpler, more “wholesome” environment. However, it’s important to note that this trend may vary depending on various economic, social, and personal factors. Here are some reasons this phenomena is trending upward and why many are looking for country living in Northern Virginia.
To understand the reasons people want to move out to the country, it’s important to understand the current real estate market. As we outlined in our August 2023 Market Update, housing is marked by high interest rates and low inventory. Those wanting to buy a home are either renting or own a home that no longer meets their needs. Some may need to downsize as they become empty nesters or are going through some other life change. Others may need more space for a growing family of children or aging parents. With interest rates higher than last year’s, home buyers realize they may not be able to afford the home they could have afforded before.
One major reason people are thinking more about moving out to the country is the ability to work from anywhere. The pandemic made remote work a realty for many who never had that opportunity before. In Northern Virginia, with so many technology companies, a great proportion of the population were already doing this. Still, while many employers are asking their workers to return to the office setting, there are also some employers who see the benefit of having more of their staff work from home.
The Wall Street journal article comments, that companies that “allow at least one work-from-home day each week are higher in the Northeast. They appear to be fading across much of the South, Midwest and parts of the West.” It makes sense that for many in Northern Virginia, where tech jobs are in demand, there is less of a need to live close to where you work. This opens up areas where buyers can start looking. This means moving away from high concentration areas closer to Washington DC like Arlington and Alexandria and looking out west to Loudoun and Fauquier counties.
Affordability is another major issue people are looking to live in more rural areas. With interest rates closer to 7%, home buyers cannot afford as much as they could have last year this time. Pair this with home prices in Northern Virginia going up year over year and it’s easy to understand the dilemma.
As an example, based on today’s interest rates, a person wanting to keep the monthly mortgage payments under $3,000 could afford a home for about $484,000. When compared to the median sale price for Northern Virginia at $650,000, it explains the dilemma for many. To stay in a larger city, this means considering condos and small townhomes. The option is to continue renting until a salary increases or looking where you can get more home for your money.
To remedy this, many home buyers are now looking in counties where home prices are closer to what they can afford. This usually means they will look further away from large metropolitan areas like Washington, DC. Homes tend to be larger and you can get more land as well.
Another reason homebuyers are looking further out for homes is a significant change in lifestyle. As we all transition through different stages of our lives, the peace and tranquility promised by country living lures many away. A growing family may want more safety and wholesome living for their little ones. Empty nesters closer to retirement may want a more quiet and less fast paced setting. Others may be looking at a more modest frugal lifestyle and no longer have the desire to be in high cost areas. Whatever the reason, moving out to more rural areas offers more opportunities for starting fresh.
Country Living in Northern Virginia offers more open space, quiet, and a more natural setting to live in. People tend to feel more connected to nature than when living in more urban settings. Home buyers enjoy more home and land for their money and a more laid back lifestyle. While not for everyone, it does have an undeniable appeal.
The real estate market this summer has been a waiting game. Home sellers are waiting for mortgage interest rates to come down so they can justify moving; buyers are waiting for more homes to come on the market so they can achieve their dreams of home ownership; mortgage lenders are waiting for the Federal Reserve to stop raising the rates; and real estate agents are waiting for a busier fall season. Here is the market update for Septembr 2023.
Using statistics from MarketStats by ShowingTime, we looked at 10 counties in Northern Virginia – Alexandria, Arlington, Fairfax, Falls Church, Fauquier, Loudoun, Manassas City, Manassas Park City, and Prince William. Here are the highlights for Northern Virginia in general, Prince William, and Loudoun counties.
The median sale price for a home in Northern Virginia is now $651,000, which is about the same it was the month before (at $650,000). This is up 9% from this time last year.
At the end of August 2023, there were 2,640 homes sold. This is up 6% from the previous month and down 15% from last year. The number of Days on Market for Northern Virginia is now 16 days, up 3 days from the previous month and down from 19 days this time last year.
Inventory continues to be low with many home owners hesitant to sell their homes with no place to go. They are unwilling to give up their 3% mortgage interest rate to buy at 7%, no matter the profit margin. Still inventory appears to be improving. There are 2,640 homes for sale, which is a 6% increase from the previous month but down a whopping 42% from this time last year.
According to Bright MLS Home Demand Index, buyer demand in the Washington Metro Area (which includes Northern Virginia) remains “Slow”, the same as the previous month. The Bright MLS | T3 Home Demand Index measures and tracks consumer and real estate professional behavior related to shopping for real estate by looking at metrics such as views of homes online and in-person showings. Ratings are categorized into 5 score points: Limited (under 70 points), Slow (70-89), Steady (90-109), Moderate (110-129), and High demand (over 130).
This month. the highest ranking areas in Northern Virginia are: MODERATE DEMAND in Arlington (126), Alexandria (119), STEADY in Prince William County (103), Manassas City (100), and SLOW in Stafford County (81). Loudoun County buyer demand was recorded as LIMITED (59).
The good news in this Market Update for September 2023 is that home prices seem to be remaining constant though interest rates remain elevated. The Month’s Supply of inventory of homes has gone from 0.97 from 1. Month’s Supply refers to how many months it will take to sell all the current homes currently on the market. Most consider a balanced market, where buyers and sellers are on the same playing field, to be about 3-6 months supply.
This is the new normal for now. The annual percentage rate on 30-year conventional mortgages hovers around 7.3%. This is 3 basis points higher from the previous week and also up 172 basis points from last year. The latest Consumer Price Index figures (used to measure inflation) were announced in June to be at 3%. This percentage shows change over time in the prices for a basket of consumer goods. The Federal Reserve has stated that they want to see the inflation figure down to 2%. Being just 1% off of the target is good news for everyone. Many experts are hopeful that the inflation rate of 2% will be achieved soon. When this happens, the Federal Reserve can then halt raising the central bank’s rates. This will result in lower interest rates for everyone.
Homeowners are still enjoying low available inventory/competition, which helps them get above asking prices on the sale of their homes. It’s seems this will stay the same for now. Home pricing and good condition remain crucial ingredients to ensure a smooth sale. It also appears inventory levels are beginning to increase. Still, the real estate market remains as strong as ever.
For the home shopper, the mortgage interest rate around 7.4% is the new norm. Most agree that Northern Virginia has a very strong real estate market grounded in its proximity to Washington DC, a strong market, great schools, and endless amenities. This means that home owners will see financial gains the longer they own a home in the area. As a reminder, those who own their home have a median net worth 40 times that of renters.
The best is yet to come.
Also feel free to compare this update with last month’s Market Update – August 2023.
The real estate market this summer has been a waiting game. Home sellers are waiting for mortgage interest rates to come down so they can justify moving; buyers are waiting for more homes to come on the market so they can achieve their dreams of home ownership; mortgage lenders are waiting for the Federal Reserve to stop raising the rates; and real estate agents are waiting for a busier fall season. Here is the market update for August 2023.
Using statistics from MarketStats by ShowingTime, we looked at 10 counties in Northern Virginia – Alexandria, Arlington, Fairfax, Falls Church, Fauquier, Loudoun, Manassas City, Manassas Park City, and Prince William. Here are the highlights for Northern Virginia in general, Prince William, and Loudoun counties.
The median sale price for a home in Northern Virginia is now $650,000, which is down 2% from the previous month and up 5% from last year. This may be the result of measures taken by the Federal Reserve to curb inflation. In our July market update announcement, we shared their warning as they “would be prepared to adjust the stance of monetary policy as appropriate if risks emerge”.
At the end of July 2023, there were 2,454 homes sold. This is down 22% from the previous month and down 22% from last year. The number of Days on Market for Northern Virginia remains the same at 13 days.
Inventory continues to be low with many home owners hesitant to sell their homes with no place to go. They are unwilling to give up their 2.5% mortgage interest rate to buy at 7%, no matter the profit margin. Still inventory appears to be improving. There are 2,488 homes for sale, which is a 8% decrease from the previous month.
According to Bright MLS Home Demand Index, buyer demand in Northern Virginia remains “Slow”, the same as the previous month. The Bright MLS | T3 Home Demand Index measures and tracks consumer and real estate professional behavior related to shopping for real estate by looking at metrics such as views of homes online and in-person showings. Ratings are categorized into 5 score points: Limited (under 70 points), Slow (70-89), Steady (90-109), Moderate (110-129), and High demand (over 130).
This month. the highest ranking areas in Northern Virginia are: HIGH DEMAND in Manassas City (141), MODERATE DEMAND in Arrington (126), Alexandria City (119), STEADY in Prince William County (108) and Stafford County (92).
Most agents agree that pricing homes correctly is important these days. Homeowners whose homes are in great condition and priced well often receive multiple offers, settle over asking price and in shorter number of days.
Inventory remains extremely low at this time. Once a home shows well and is priced at market value, serious buyers are compelled to compete for the home. This means offering above asking price and waiving contingencies like a home inspection, if needed. This may be needed to ensure an offer is accepted.
The Month’s Supply of inventory of homes has gone from 1.2 to 1. Month’s Supply refers to how many months it will take to sell all the current homes currently on the market. Most consider a balanced market, where buyers and sellers are on the same playing field, to be about 3-6 months supply. It illustrates just how low inventory is for this market update in July 2023.
This is the new normal for now. The annual percentage rate on 30-year conventional mortgages hovers around 7.4%. This is 3 basis points higher from the previous week and also up 172 basis points from last year. The latest Consumer Price Index figures (used to measure inflation) were announced in June to be at 3%. This percentage shows change over time in the prices for a basket of consumer goods. The Federal Reserve has stated that they want to see the inflation figure down to 2%. Being just 1% off of the target is good news for everyone. Many experts are hopeful that the inflation rate of 2% will be achieved soon. When this happens, the Federal Reserve can then halt raising the central bank’s rates. This will result in lower interest rates for everyone.
Homeowners are still enjoying low available inventory/competition, which helps them get above asking prices on the sale of their homes. It’s seems this will stay the same for now. Home pricing and good condition remain crucial ingredients to ensure a smooth sale. It also appears inventory levels are beginning to increase. Still, the real estate market remains as strong as ever. Northern Virginia is NOT about to CRASH, as some are speculating. The area remains a great place to live and own a home and home prices keep going up each year.
For the home shopper, the mortgage interest rate around 7.2% is the new norm. Most agree that Northern Virginia has a very strong real estate market grounded in its proximity to Washington DC, a strong market, great schools, and endless amenities. This means that home owners will see financial gains the longer they own a home in the area. As a reminder, those who own their home have a median net worth 40 times that of renters.
It appears the Summer market is more comparable to pre-pandemic times. We’re remain optimistic in this waiting game to see what happens next in the Northern Virginia real estate market.
Also feel free to compare this update with last month’s Market Update – July 2023.
A great real estate agent is a valuable member of your team of experts that can help you throughout your lifetime. They can assist in home sales, finding new homes and rentals, estimate the value of your home for a refinance, and the list goes on. Ever wandered how to choose your real estate agent? There are so many things to consider when choosing a true professional. Here are some signs of a great real estate agent.
The most important role your real estate agent has is to provide you with representation. Representation refers to the relationship between a real estate agent and a client, where the agent acts as a representative or advocate for the client in buying, selling, or renting properties. This takes place officially when there is a signed agreement between an agent and a client but oftentimes occurs without one.
The agent’s goal is to protect and promote the client’s best interests while ensuring a smooth and successful real estate transaction. The agent’s role is to provide guidance, expertise, and support throughout the real estate transaction process – before, during, and after. This includes providing Confidentiality, Problem Solving, and Putting Clients’ Best Interest First. Here are the skills a true professional possesses:
A real estate professional takes a great deal of time in continuing education to ensure they represent their client in the most effective manner. In home selling, this means everything from knowing the current real estate market, to reading books, to staying on top of local news and developments.
Additionally, agents can pursue continuous education through various avenues to stay updated on industry trends, regulations, and best practices. One common method is by attending professional development courses and workshops offered by real estate associations, such as the National Association of Realtors (NAR) or local real estate boards. These courses cover a wide range of topics, including legal updates, marketing strategies, technology advancements, and ethical practices.
Agents can also take advantage of online platforms that offer real estate education and certification programs. These platforms provide flexibility in terms of timing and location, allowing agents to learn at their own pace. Additionally, agents can participate in webinars, podcasts, and virtual conferences that offer insights from industry experts and thought leaders. Furthermore, agents can seek mentorship or coaching from experienced professionals in the field. This provides an opportunity to learn from their expertise and gain practical knowledge.
By actively pursuing continuous education, agents can enhance their skills, stay informed about industry changes, and provide better service to their clients.
Great realtors stay involved in industry affairs, in the community, and with their clients. Realtors stay involved in industry affairs through various means. They often join professional associations such as the National Association of Realtors (NAR) or local real estate boards. This provide opportunities for networking, continuing education, and staying updated on industry trends and regulations. Realtors also attend conferences, seminars, and workshops to enhance their knowledge and skills. Additionally, they may participate in online forums, webinars, and social media groups dedicated to real estate discussions. By actively engaging in these activities, realtors can stay informed. They monitor market changes, policy updates, and best practices, enabling them to better serve their clients and stay competitive.
Realtors stay involved in the community by actively participating in local events and initiatives. They often join community organizations, such as chambers of commerce or neighborhood associations, to connect with residents and businesses. Realtors may volunteer their time and expertise for community projects, such as organizing fundraisers, participating in charity events, or serving on local committees. They also engage in community outreach by hosting educational seminars or workshops. By being visible and involved in the community, realtors build relationships, establish trust, and demonstrate their commitment to neighborhoods.
Realtors stay involved with clients throughout a transaction by maintaining open and effective communication. They provide regular updates on the progress of the transaction, including any new developments or changes. Realtors also ensure that clients understand the various steps involved in the process, addressing any questions or concerns they may have. They coordinate and schedule necessary inspections, appraisals, and other appointments, keeping clients informed of the dates and times. Additionally, realtors assist in negotiating offers, counteroffers, and contract terms on behalf of their clients. They guide clients through the paperwork and documentation required for the transaction, ensuring accuracy and compliance. By staying actively involved and accessible, realtors provide support and guidance to clients, helping them navigate the complexities of the transaction smoothly.
Great real estate agents with knowledge, experience, and involvement develop the confidence and conviction to truly represent their clients as they are meant to. This means putting the needs of their clients first and foremost in their jobs. It is important for a real estate agent to put their clients’ needs first because it establishes trust, fosters strong relationships, and ultimately leads to client satisfaction. Real estate transactions are significant financial and emotional investments for clients, and they rely on their agent to guide them through the process.
By prioritizing clients’ needs, real estate agents demonstrate their commitment to serving their best interests. This includes actively listening to clients, understanding their goals and preferences, and tailoring their services accordingly. Putting clients first also involves providing honest and transparent advice, even if it means advising against a particular property or course of action. By acting in the clients’ best interests, real estate agents build a reputation for professionalism and integrity, leading to referrals and repeat business. Ultimately, the success of a real estate agent is closely tied to the satisfaction and success of their clients.
Clients with experience, knowledge, involvement, confidence and conviction are best able to provide best representation of their clients through each transaction and oftentimes, throughout a lifetime. This is what professional real estate agents are made of.
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