Blog • February 21, 2023

Market Update – February 2023

by Denise Fuller

This market update for February 2023 for Northern Virginia shows that despite the fact that home sales are down, home prices remain strong. Compared to last year this time, home prices are, on average, 8% higher. Inventory remains low and buyer demand is increasing as mortgage interest rates level off and the holidays are behind us. In this article, we’ll review the latest statistics and let you know how the numbers translate for home sellers and home buyers. Here it the latest real estate market update February 2023.

Statistics an What it Means

Using data from MarketStats by Showing Time, the median sale price for a home in Northern Virginia is now $575,000 down from 565,000 the previous month. This is a 2% decrease from the previous month and a 8% increase from this time last year. On a national level, housing prices were up 4% from last year. This is a much more “traditional” rate of increase which indicates that the efforts to curb inflation are working. During the pandemic, housing prices were up to 20% in this area, which affected housing affordability. This is a major observation in the market update for February 2023.

By the end of January, there were 1,349 homes sold. This is 26% decrease from last month and a 31% decrease from last year. Again, this is not surprising considering the lack of inventory of homes for sale.

The average number of days it took to sell a home is now at 37, up 6 days from last month and up 9 days from last year.

The median price per square foot per home is now $284, which is up 2% from last month and up 0.7% from last year.

The total value of homes sold amounted to $ 911,276,235. This is down 25% from last month and down 28% from this time last year. This rounds up the numbers for the latest market update for February 2023 for Northern Virginia.

What Agents are Seeing

Buyer demand in Northern Virginia is “Moderate” at best. The latest information from Bright MLS Home Demand Index lists areas and their overall demand from buyers using data such as showing requests an other Bright MLS metrics. In February, there areas with “Moderate” demand from buyers were Arlington and Alexandria; these were followed by “Steady” demand in Manassas City, Prince William County, and Stafford County. They noted that demand for the Greater Washington DC area (including Northern Virginia) was up 25% from January and 16% lower than this time last year.

WATCH THE RELATED YOUTUBE VIDEO

Month’s Supply

The month’s supply is rising steadily. From 1.2 last month to 1.6 this month. This number shows how many months it will take to sell all the current homes now on the market. Most consider a balanced market, where buyers and sellers of homes are on the same playing field, to be about 3-6 months supply. It illustrates how low inventory is at this time. Many experts speculate that this will keep home value to remain steady in Northern Virginia in the coming months.

Mortgage Interest Rates

According to Nerd Wallet, the annual percentage rate on 30-year conventional mortgages is at 6.771. This is up 21 basis points from the previous week and also up 274 basis points from last year. Many experts predict rates may continue going up (as high as 7 or 8%) and then begin goin down again, once the Federal Reserve is comfortable that inflation has come down. The main takeaway is that most experts agree rates will not return to 2-3% anytime soon.

Advice to Sellers

If you’re in a situation where you need to sell your home, pricing will be important to understand. Now that a few months have passed since the cool down in home buying, you will have a better perspective of how much you can get for you home. It’s important to note though that buyer demand seems to be high now. There is no telling what the next months will bring.

Advice to Buyers

Buyers who are discouraged by higher interest rates should keep in mind that rates are expected to get higher and it doesn’t mean you shouldn’t buy a home. If you can afford to buy a home, this may be a good time. Lenders can assist you with finding the best course of action for you – whether using a first time homebuyers program, buying down interest rate points, or using a “buydown” option. There will never be a time when you can get low rates AND low home prices. Since homeowners have about 40% more net worth than renters (according to the National Association of Realtors), it will be a good time to buy a home when you can afford it. Trying to “beat the market” shouldn’t be your tactic when it comes to your financial future.

Bottom Line

There is still a low inventory of homes for sale. Mortgage interest rates are hovering in the 6 percent rage and expected to go up before coming back down. Homebuyers are looking for their dream homes again and enjoying more to choose from and less competition. Thankfully, Northern Virginia is still a great place to live and own a home.

Questions/Concerns? Please contact me.

Also feel free to compare this update with last month’s Market Update – January 2023.

Blog • February 9, 2023

Is This a Good Time to Buy a Home?

by Denise Fuller

These are interesting times for everyone. Speculation about a recession, rise in mortgage interest rates, and low inventory of homes for sale are interesting indeed. And for the person thinking about buying a home, it becomes complicated. There are many factors that will indicate when it’s a good time to buy a home. It all boils down to your particular set of circumstances. So for you, is this a good time to buy a home?

MORTGAGE INTEREST RATES

At the end of 2022, mortgage interest rates rose sharply from under 3% to over 7% at the beginning of 2023. This caused rapid home sales as many buyers could no longer afford to buy a home. Those who didn’t qualify did not want to pay higher rates. According to this article by NerdWalet, “Rates could go up again if the Fed delivers more rate hikes in 2023. The Federal Open Market Committee will next meet Jan. 31-Feb. 1”. Still, most experts expect that rates will eventually go down to around 4% by the end of the year. “we can expect these rates to go back down if the Fed is successful in using them to lower inflation”, according to Forbes.

MORE NEGOTIATIONS

For someone thinking about it, 2023 may be a good time to buy a home. There is less competition than last year and the ability to keep property inspections and negotiate is present. This is a big change from last year when home sellers had multiple offers. This increased home prices dramatically and forced serious buyers to waive contingencies such as home inspections. Now, there is less of a chance of getting into bidding wars with several other interested buyers for the same house. This allows for negotiations and price adjustments. It helps that homes are taking longer to go under contract so buyers have time to see a home before it goes quickly under contract. Additionally, home prices have leveled off (for the meantime).

FUTURE OF HOME PRICES

The Federal Reserve is taking measures to curb inflation and bring down the cost of goods and services. Home prices are included. So far, home prices have leveled off. The expectation is that they will go down in certain areas. In Northern Virginia, home prices are still about 3% higher than they were last year but are going down month over month. It is possible that they will continue to decline in the coming months and this is a favorable position for buyers. There is a floor on how low prices will go, however. Since there are limited homes to buy, they are not expected to go down dramatically.

REFINANCING LATER

Many buyers active in this current market understand that they may be locking in higher mortgage interest rate but home prices are more reasonable. They can always look into home financing options such as first-time home buyer programs, buying down interest rate points, and 2-1 buydowns. Also, if mortgage rates do go down later in the year or next, they can refinance their mortgage at the lower rate.

LOW BUT INCREASING INVENTORY

The number of homes for sale is still in low supply while demand for homes remain high. Still, the Spring market is almost here and inventory is going up. This is great news for buyers who now have more of a selection and can possibly find their dream home and not have to compete with many buyers.

FIND MY HOME’S VALUE NOW

Bottom Line

Home inspections are a crucial component of the home selling process. Regardless of what happens, having an experience real estate specialist representing your interests is what you need.

Questions/Concerns? Please contact me.

Blog • January 26, 2023

Market Update – January 2023

by Denise Fuller

REAL ESTATE IN NORTHERN VIRGINIA

The first market update for Northern Virginia for the new year shows how home prices continue to go down month over month and the increase from last year is narrowing. It is taking longer for homes to go under contract and the number of homes for sale is still very limited. Still, there has been an uptick in buyers looking for homes since the beginning of 20233. Here it the latest market update January 2023.

What Agents are Seeing

It seems that as soon as the new year began, home buyers began looking again. {Partly due to the mortgage interest rates leveling near 6% and speculation that it’s expected to go higher before going down again may have had some effect. Additionally, the shock of intest rates increasing dramatically from 3% seems to be wearing off. As expected, December’s activity was very slow. According to Bright MLS Home Demand Index, there was another 16% drop in buyer demand for homes. This is expected as December is a traditionally slow month for real estate.

Statistics

Using data from MarketStats by Showing Time, the median sale price for a home in Northern Virginia is now $565,000 down from 585,000 the previous month. This is a 3.4 decrease from the previous month and only a 2% increase from this time last year. It seems that efforts to curb inflation are working as home prices continue to fall.

By the end of the year, there were 1,828 homes sold. This is 6% decrease from last month and a whopping 45% decrease from last year. Again, this is not surprising consider that the winter season is traditionally slow and there is a lack of inventory of homes for sale. It is important to note that 2021 was not a traditional real estate year as the pandemic along with very low mortgage interest rates created a buying frenzy with homes selling well over asking price in record time.

The average number of days it took to sell a home is now at 31, up 4 days from last month and up 14 days from last year.

The median price per square foot per home is now $279, about what it was last month and still 2% up from last year.

The total value of homes sold amounted to $1,208,383,125. This is down 9% from last month and down 44% from this time last year. This rounds up the numbers for the latest market update for January 2023 for Northern Virginia.

^{WATCH THE LATEST VIDEO – MARKET UPDATE FOR JANUARY 2023}

Month’s Supply

The month’s supply is steady at 1.2 which is down from 1.6 last month and up significantly from 0.5 from last year this time. This number shows how many months it will take to sell all the current homes now on the market. Most consider a balanced market, where buyers and sellers of homes are on the same playing field, to be about 3-6 months supply. It illustrates how low inventory is at this time. Many experts speculate that this will keep home value from falling more drastically in the coming months.

Mortgage Interest Rates

According to Nerd Wallet, the annual percentage rate on 30-year conventional mortgages is at 6.125. This is down 17 basis points from the previous week and also up 248 basis points from last year. As you can see from the graph below, interest rates remain unpredictable day to day though but they are still coming down from their highest point when rates hit 7.28 around October 23. Many experts are predicting rates may continue going up (as high as 9%) and then leveling off closer to 4 or 5% by the end of 2023. The main takeaway is that most experts agree rates will not return to 2-3% anytime soon.

Advice to Sellers

If you’re in a situation where you need to sell your home, pricing will be important to understand. As home prices decline, working with a real estate agent who is looking at these conditions will be able to advise you. It’s tempting to look at homes that sold in your neighborhood recently and compare. Each month, home value change and each home is individual and should be priced accordingly. Because buyers are not competing with many others for your home, condition of your home is also important.

Advice to Buyers

Bottom Line

This first market update for January shows a market ready to get going again. There is still a low inventory of homes for sale but mortgage interest rates staying in the low 6% range is sure to encourage home buyers to start looking seriously at buying a home this year. Thankfully, Northern Virginia remains a great place to live and own a home.

Questions/Concerns? Please contact me.

Also feel free to compare this update with 2022 Year in Review and 2023 Forecast

Blog • January 12, 2023

2022 in Review and 2023 Forecast

by Denise Fuller

REAL ESTATE MARKET | NORTHERN VIRGINIA

As the last article of the year, we prepared a great recap of 2022 and a glimpse into what to expect in the coming year in Northern Virginia. Here is the 2022 Year in Review and 2023 Forecast.

Frenzied home buyers marked the first half of 2022. This is because of the historically low interest rates and lack of homes for sale. Because of this, home sellers experienced multiple offers, prices well over-asking, and waiving of home inspections and finance and appraisal contingencies.

As mortgage rates began to climb, buyers took a step back. Some found they could no longer afford the home they wanted. Home values in Northern Virginia continue to increase by around 4%.

The cooling effect is exactly what the real estate market needed. As interest rates stabilize around 7%, buyers got over the sticker shock and enjoyed house shopping without many competitors. For home sellers, the new climate is more reassuring. Buyers now have the time to carefully consider home sales and not change their minds in the middle of the transactions. This environment is a win-win for everyone.

2023 FORECAST

Most experts agree that the new year will likely see mortgage interest rates rise a little more. Once inflation is under control, the expectation is for rates to lower again in latter part of 2023. More homeowners will put their homes on the market. Buyer demand is expected to increase. For all intents and purposes, the real estate market is forecasted to be more traditional in nature. This means that activity will pick up spring through summer. Home values are expected to be between 3-5% through 2023.

BOTTOM LINE:

The 2022 Year in Review and 2023 Forecast show that real estate in Northern Virginia remains strong. It’s no mystery. The area is close to seat of Government in DC. It has low unemployment rates, good schools, and an amazing array of history and entertainment options.

WATCH RELATED VIDEO

For the latest market update, please read the article: Market Update – December 2022

Questions/Concerns? Please contact me.

Blog • December 31, 2022

Market Update – December 222

by Denise Fuller

Market Update – December 2022

REAL ESTATE IN NORTHERN VIRGINIA

This month’s market update for Northern Virginia shows how the real estate market is continuing to slow. The holidays are also a time when things are slow traditionally.

What Agents are Seeing

The month of December was even slower than the previous month, likely a combination of the shifting market due to higher mortgage interest rates and a traditionally slower Winter season. According to Bright MLS Home Demand Index, which is a 17% drop from the previous month and 23% lower from this time last year.

Statistics

Using data from MarketStats by Showing Time, the median sale price for a home in Northern Virginia is now $585,000 down from 599,900 the previous month. This is a 2.5 decrease from the previous month and 4% increase from this time last year.

By the end of November 2022, there were 1,953 homes sold. This is 14% decrease from last month and a whopping 46% decrease from last year. This could be due to the traditionally slow buying season and lack of inventory of homes for sale. It is important to note that 2021 was not a traditional real estate year as the pandemic along with very low mortgage interest rates created a buying frenzy with homes selling well over asking price in record time.

The average number of days it took to sell a home is now at 27, up 2 days from last month and up 6 days from last year.

The median price per square foot per home is now $281, about what it was last month and still 3.7% up from last year.

The total value of homes sold amounted to $1,332,464,963. This is down 17% from last month and down 43% from this time last year.

Month’s Supply

The month’s supply is steady at 1.6 which is up significantly from 0.97 from last year this time. This number shows how many months it will take to sell all the current homes now on the market. Most consider a balanced market, where buyers and sellers of homes are on the same playing field, to be about 3-6 months supply. It illustrates how low inventory really is at this time.

Mortgage Interest Rates

According to Nerd Wallet, the annual percentage rate on 30-year conventional mortgages is at 6.518. This is up 13 basis points from the previous week and also up 339 basis points (about 3 percent higher) than last year. As you can see from the graph below, interest rates have been unpredictable day to day though they are still coming down from their highest point when rates hit 7.28 around October 23. Most experts are predicting rates may continue going up and then leveling off by the end of 2023.

Advice to Sellers

We recommend that those thinking of selling their homes work with a trusted real estate agent who will assist them in understanding the current market (which shifts each week); addressing the condition of their home; using the latest technology and resources to market their home; and determining the best asking price. It is also wise to keep in mind that homes are taking longer to sell and with fewer offers. Negotiations and patience are of the utmost importance.

Advice to Buyers

For buyers who may be discouraged by higher interest rates, do not lose hope. Some buyers have been asking if they should wait until 2023. Lenders are actively working to create and revitalize programs to help qualified buyers bring down interest rates down. This may include buying down points and/or utilizing a “buydown” option. The advantage of buying now is that there is less competition and more room for negotiation.

Bottom Line

The market update for December shows that there are less and less homes available for sale and home prices are unpredictable. The future is still uncertain as inflation and interest rates remain high. Still, life goes on and personal situations will call for either a home sale or home purchase. Thankfully, Northern Virginia remains a great place to live and own a home.

WATCH THE LATEST VIDEO – MARKET UPDATE FOR DECEMBER 2022

Questions/Concerns? Please contact me.

Also feel free to compare this update with last month’s Market Update – November 2022

Blog • December 9, 2022

How to Sell Your Home in a Market Shift

by Denise Fuller

What is This Market Shift?

The real estate market has shifted. As mortgage interest rates rose, potential home buyers backed away. Six months ago when a buyer could get an interest of 3% is long gone and it affects their buying power. For example, the monthly mortgage on a 30 year conventional loan on a $500,000 home at 3% is $2,353. Now, at 7%, the monthly mortgage jumps to $3,328. So understandably, there is less demand to buy a home at this time. Because of this, it now takes longer for homes to go under contract. Still, the good news for home owners is that the number of homes for sale is still very low. The positive side of this is that the price of homes have not declined significantly just yet. According to MarketStats by Showing Time, the median sold price of a home in October is 4% more than it was last year. Still median prices are down 1.6% from last month. So what are homeowners who need to sell their home to do? Here are 5 tips on how to sell your home in a market shift.

5 Tips for Selling Your Home Now

1. Repairs/Renovations

Before putting your home on the market, pretend you are a buyer and tour your home. What stands out to you? Another option is to get a home inspection professional to find the problems for you. You don’t want to put your home up for sale before knowing there is a major and costly problem such as in the roof, plumbing or heating systems. The idea is to fix major repairs first before tackling renovations. And what if you don’t have a budget? There are programs available the will cover the costs of repairs and renovations until you close on your home. Check with your real estate agent about these options.

There are also renovation projects that don’t have to cost so much. Painting your home is an inexpensive way to get major results. There is nothing like the look and smell of a freshly painted home. It’s the emotional factor you want people to have as they enter and tour your home. Other great projects include landscaping for curb appeal, installing new light fixtures; and having your home decluttered and staged.

2. Understanding the Importance of Pricing

Oftentimes, homeowner gauge the value of their homes on those that sold months ago in their neighborhood. There is much more to pricing a home to consider. Important factors include design (3 story versus one-level); materials (brick versus siding), age of the home, neighborhood, condition, land, upgrades and additions, etc. Keep these factors in mind and also consider how quickly the real estate market shifts. Work with a real estate agent with experience you trust to price your home correctly.

3. Work with a Professional

Be sure to work with a real estate agent you trust to give you good advice and be able to explain their strategy in terms of selling your home at this time. You want an agent with experience in working in shifting market and in negotiating on your behalf in challenging times.

4. Offer Incentives

Because you know one of the main obstacle in selling your home will be based on home affordability, work with your agent to offer incentives to potential buyers who are interested in your home. Consider offering seller credit for them to bring down their monthly mortgage payments. One option is to offer seller credit for a 2-1 Buydown through their mortgage lender. This program allows the rates to be brought down temporarily, usually at one rate for the first year and another rate in the second year, until the rate returns. This may appeal to buyers who are hoping rates will go back down in the next year or two, at which point they can refinance. Another option is to use the seller credit to buy down interest rate points or toward the down payment on the loan. These scenarios all help buyers who need cash assistance in order to purchase a home at a reasonable interest rate.

5. Now Wait!

Because you now know that homes are taking longer to go under contract, it’s time to let the time pass and be patient. The market six months ago saw home going under contract in 4 days. Now, homes take longer depending on where you live. It’s not a time to panic. Look at homes that just went under contract and see how long those took. This should give you a good idea of what to expect.

Bottom Line

Selling your home at a great price as the real estate market shifts is still very possible. It’s important to understand how the market has changed, what you must now focus on, and what to expect. This is how you are going to sell your home in a shifting market.

Questions? Contact me:
Denise Fuller
703-881-6947
Denise@HomeEstateRealty.com

REACH OUT NOW

Blog • November 18, 2022

Market Update – November 2022

by Denise Fuller

This month’s market update for Northern Virginia is marked by a continued trend of a slowdown in homebuying. This could be due to the higher interest rates and also the traditionally slow fall season. This month is also marked by extremely low levels of inventory (homes for sale). While last month, home prices were up from the previous year, home prices from the previous month were down. This month is different. The cost of a home is up 5% from this time last year and also up 2.5% from last month. Here is the market update for November 2022 highlighting unpredictable home prices.

What Agents are Seeing

The month of October for most agents was a slower, as is usual for this time of year. According to Bright MLS Home Demand Index, which is a 14% drop from the previous month and 29% lower from this time last year. There are less requests for showings though open houses were well attended. Some buyers we spoke to said they just starting to look again since the summer. They were very discouraged having to compete with so many buyers and feel more comfortable now. They are also not in any rush to buy a home, hoping interest rates will improve. It is interesting to note that the top 5 “in-demand” counties (based on requests to see homes) are Arlington, Prince William County, Alexandria City, Manassas City, and Stafford.

Statistics

Using data from MarketStats by Showing Time, the median sale price for a home in Northern Virginia is now $599,900, up from $570,000 the previous month. This is a 3% increase from the previous month and 5% increase from this time last year. The first table below shows how, in general, home prices are going up by County. Last month, home prices dropped by almost 2% but it seems that was short lived as they are now back up. It seems that home prices are as unpredictable as mortgage interest rates.

unpredictable home prices market update northern virginia november 2022 — MEDIAN HOME PRICES BY COUNTY IN NORTHERN VIRGIINIA. SOURCE: SMARTCHARTS

By the end of October 2022, there were 2,720 homes sold. This is 23% decrease from last month and 33% decrease from last year. This could be due to the traditionally slow buying season and lack of inventory of homes for sale. It is important to note that 2021 was not a traditional real estate year as the pandemic along with very low mortgage interest rates created a buying frenzy with homes selling well over asking price in record time.

unpredictable home prices market update november 2022 northern virginia — NUMBER OF NEW LISTINGS (HOMES FOR SALE) BY COUNTY IN NORTHERN VIRGINIA. SOURCE: SMARTCHARTS

The average number of days it took to sell a home is now at 25, up 1 days from last month and up 6 days from last year.

The median price per square foot per home is now $282. This is up 2% from last month and up 6% from last year.

The total value of homes sold amounted to $1,600,703,372. This is down 7% from last month and down 34% from this time last year.

Month’s Supply

The month’s supply was 1.66; which is up slightly from last month’s figure of 1.58 and up from 0.97 from last year this time. This number shows how many months it will take to sell all the current homes now on the market. Most consider a balanced market, where buyers and sellers of homes are on the same playing field, to be about 3-6 months supply. It illustrates how low inventory really is at this time.

Mortgage Interest Rates

According to Nerd Wallet, the annual percentage rate on 30-year conventional mortgages is at 6.532. This is down 10 basis points from the previous week and up 347 basis points (about 3 percent higher) than last year. As you can see from the graph below, interest rates have been unpredictable day to day though they are still coming down from their highest point when rates hit 7.28 on October 23. Everyone is hoping rates will not go back to that level.

Advice to Sellers

Advice to Buyers

Bottom Line

The market update for November 2022 shows that there are less and less homes available for sale and home prices are unpredictable. The future is still uncertain as inflation and interest rates remain high. Still, life goes on and personal situations will call for either a home sale or home purchase. Thankfully, Northern Virginia remains a great place to live and own a home.

WATCH THE LATEST VIDEO – MARKET UPDATE FOR NOVEMBER 2022

Questions/Concerns? Please contact me.

Also feel free to compare this update with last month’s Market Update – October 2022

Blog • November 6, 2022

Selling Your Home this Fall

by Denise Fuller

^{5 THINGS YOU CAN START DOING NOW}

While spring is traditionally the best time of year to sell a home, the fall season cannot be ignored. As mortgage interest rates hover over 7%, many buyers are getting over the initial shock. Lenders are doing their part offering programs, like the 2-1 Buydown Program, that help with monthly mortgage payments. If you’re thinking of selling your home in the near future, it’s not a bad idea. Additionally, there are things that you can start doing to have your home looking its best. If you’re selling your home this fall, here are 5 things you can start doing now.

1. Decluttering

This is a great first step considering this is also the season to decorate and entertain in your home. With the pandemic concerns beginning to diminish, many are excited about the opportunity of socializing again. Why not start by giving your home a deep clean and declutter activity.

In decluttering, consider furniture that makes your home look overcrowded and small. Leave your best pieces in your home and consider a garage sale or online selling for these items. Why not make a little cash as an incentive?

In case you don’t know what “clutter” looks like, take a look at the images above. If any of your spaces look like this, it may be time to declutter. Many of us, including me, struggle with having too much “stuff”. This is a great process to clear your spaces and your mind. I read a great blog by Nettie Owens and can’t wait to catch her next workshop “7 Ways to Cure Your Too Much Problem“.

By throwing away unusable items, recycling, donating to charity, or selling online or through a neighborhood yard sale, you create a tidier home ready to show to prospective buyers. When recycling, consider the guidelines for recycling products in your county. Also know that glass can be recycled in purple bins. Know your county’s guidelines. How to recycle glass in Northern Virginia. Include all areas of your home including closets and drawers.

Without clutter, rooms appear larger and prospecting buyers don’t think you have an issue with storage space. Everything seems to fit and then some. This is what your home should look like. Keep in mind this is what is should look like when it’s up for sale. This is not realistic for everyday living. The idea is that you have less to put away when the time comes. Most sellers ask for 2 hours notice before each showing to allow them time to put away the excess and tidy up the home.

With a neat and tidy home, buyers will be able to admire the features and amenities of you home so much more.

2. Cleaning

You will also need to clean the house from top to bottom. This includes deep cleaning the spaces we often avoid. This includes under the sink, on top of and under the refrigerator, crown moldings,, hard to reach light fixtures, windows, and doors. This is so easy to start doing about a month before you are ready to sell your home so the tasks don’t overwhelm you. This is also the time to ask for help.

We usually share this checklist with our homes sellers before they put their home on the market. It’s extensive but easy to break down into portions. There is also one for the outside of your home, we’ll share next week.

Download our Home Selling Cleaning Checklist

DOWNLOAD CLEANING CHECKLIST

3. Lights Camera Action

This one is all about the light. Lights, natural and artificial, are probably the most important effect you can control in setting a mood and showing a home well.

By making sure your windows, window sills, blinds, and curtains are all deep cleaned, you’ll be ready to let all the light into your home you possibly can. Don’t have large windows and want to consider a renovation project before you sell, this may be the one. Having natural light flood your home has a huge effect. It brings nature inside without the bugs.

Don’t have windows or a budget for renovations? Firstly, there are solutions for getting work done to your home and paying the contractor at the closing table. Please reach out to find out about this amazing program offered through Home Estate Realty | Coldwell Banker Realty.

Another great options is to invest in good lamps for the home. Use in areas of your home that are not well lit. It will be money well spent. There are also great finds at garage sales, discount stores, and online.

4. Curb Appeal

When buyers drive up to your home, your lawn, yard, and front walkway are their first impressions. Don’t go overboard spending too much money. According to most experts, the basics apply here. Keep your yard clean of leaves and other debris. Also trim the hedges and remove dead plants, week the walkways and flowerbed, and keep the lawn mowed.

Funny story, I got dinged by the HOA in my community for weeds. So bad! It was the one place of the yard I never go into and that’s behind the house, down from the deck. Well, there was a forest coming through the lattice work and I didn’t even know to. How embarrassing! It turned out to be a great bonding experience for my son and I. Considering I just moved here, I’ve since forgiven myself and plan to add that walk down into the back yard into my weekly routine.

Add the some color and fresh mulch to your garden for great curb appeal

Closer to getting your home on the market, I recommend adding fresh mulch and a pop of color to your garden for that extra “wow” factor.

5. The Wow Factor

Speaking of the “wow” factor, the second “first impression” buyers will have is entering your front door. If you have the budget, this is a great area to place your best furniture, art, rug, and decor pieces. We believe this often sets a great tone for the rest of the buyer’s home tour. Not sure how to decorate your entryway or rooms? We highly recommend consulting with a stager who can use your furniture to your best advantage. It’s why we offer our clients a FREE Staging Consultation when they choose us to sell their homes.

Bottom Line

If you’re thinking of selling your home in the fall of 2022, these tasks will help you to be ready when the time comes. Reach out when you’re ready to sell your home in Northern Virginia.

QUESTIONS?

Call Denise at 703-881-6947
Email: Denise@HomeEstateRealty.com
Other Blog Articles: https://homeestaterealtycb.com/blog/my-blog

Blog • Homes For Sale • September 23, 2022

7505 Stonegate Dr. Fredericksburg VA 22407

by Denise Fuller

This brand new custom home is expected to be completed by October 10, 2022. This jewel sits on 48 acres in the private Stonegate Manor community complete with stream high speed internet, and ATV and walking/running trails. Presenting … 7505 Stonegate Dr. Fredericksburg VA 22407

MORE DETAILS

This is a rare find in Spotsylvania County considering the size of the property. This 6 bedroom, 3.5 bath, 3,600+ sq. ft. home in the Stonegate Manor community may just be THE ONE. Quality construction includes a main level master bedroom suite, tall ceilings, hardwood floors, brand new appliances, gas cooking, wood burning fireplace, and lots of natural light. As an additional benefit, the other side of Lick Run is part of a conservation easement providing an additional privacy buffer of over 20 acres. Seller credit toward a driveway of your choice. Builder warranty conveys. Taxes TBD.

SALE PRICE: $1,050,000

NEED MORE INFORMATION?
CALL/TEXT: 703-881-6947

Blog • September 13, 2022

Market Update -August 2022

by Denise Fuller

Real Estate Market Update – August 2022

All the talk is about the market shifting. With inflation and the talk of recession, many buyers have stopped looking as more homeowners are putting their homes on the market. Real estate agents in Northern Virginia are feeling the change in tides. Here is the real estate market update August 2022.

What Agents are Seeing

As summer is coming to an end, there are less buyer demand and agents are noticing. There are less people attending open houses; there are less showings of homes for sale, and there is less interest overall. Homeowners are also experiencing a longer wait time for offers to come and fewer offers overall. Additionally, home buyers are negotiating more than usual to get better prices, home inspections and conveyances. These are changing times, indeed.

Statistics

Using data from MarketStats by Showing Time, the median sale price for a home in Northern Virginia is now $619,000, down from $640,000 at the end of June. This is a 3% decrease. It is a 5% increase, however, from the same time last year.

By the end of July 2022, there were 3,126 homes sold. This is 20% decrease from last month and whopping 30% decrease from last year.

The average number of days it took to sell a home is now at 14, up 4 days from last month and down 2 days compared to last year

The median price per square foot per home is now $312. This is up 2% from last year and up 7% from last month.

The total value of homes sold amounted to $2,222,457,026 This is down 24% from this time last year and down 20% from last month.

Month’s Supply

The month’s supply was 1.3; which is up from last month and last year this time. This number shows how many months it would take to sell all the current homes now on the market. Most consider a balanced market, where buyers and sellers of homes are on the same playing field, to be about 3-6 months supply. This figure has gone up significantly and indicates we are heading to a more balanced market.

Mortgage Interest Rates

According to Nerd Wallet, mortgage interest rates on a 30 year conventional are at about 5.094%. This is as of August 11, 2022 and is actually down 2 basis points from last week.

Advice to Sellers

I’m advising my clients thinking of selling that inventory is still on the side of sellers but they should be prepared to wait a while before getting an offer and going under contract. It’s very important at this time to have their homes stand out among a growing inventory. This is where a good real estate agent comes in. Using marketing, staging, and pricing strategies is important as ever.

Advice to Buyers

I tell buyers that things are finally become more balanced and it’s time to look for their dream home. The market is such that they don’t have as much competition and can negotiation repairs and even prices in some cases.

Bottom Line

The market update for August 2022 shows that Northern Virginia has a stable and strong real estate market. Home prices are still rising year over year and there are more choices of cities and neighborhoods to choose from before the beginning of the school year.

Questions/Concerns? Please contact me.

Also feel free to compare this update with last month’s Market Update – July 2022

Statistics an What it Means

What Agents are Seeing

Month’s Supply

Mortgage Interest Rates

Advice to Sellers

Advice to Buyers

Bottom Line

Questions/Concerns? Please contact me.

MORTGAGE INTEREST RATES

MORE NEGOTIATIONS

FUTURE OF HOME PRICES

REFINANCING LATER

LOW BUT INCREASING INVENTORY

Bottom Line

What Agents are Seeing

Statistics

Month’s Supply

Mortgage Interest Rates

Advice to Sellers

Advice to Buyers

Bottom Line

Questions/Concerns? Please contact me.

REAL ESTATE MARKET | NORTHERN VIRGINIA

Market Update – December 2022

What Agents are Seeing

Statistics

Month’s Supply

Mortgage Interest Rates

Advice to Sellers

Advice to Buyers

Bottom Line

Questions/Concerns? Please contact me.

What is This Market Shift?

5 Tips for Selling Your Home Now

1. Repairs/Renovations

2. Understanding the Importance of Pricing

3. Work with a Professional

4. Offer Incentives

5. Now Wait!

Bottom Line

What Agents are Seeing

Statistics

Month’s Supply

Mortgage Interest Rates

Advice to Sellers

Advice to Buyers

Bottom Line

Questions/Concerns? Please contact me.

5 THINGS YOU CAN START DOING NOW

1. Decluttering

2. Cleaning

3. Lights Camera Action

4. Curb Appeal

5. The Wow Factor

Bottom Line

MORE DETAILS

What Agents are Seeing

Statistics

Month’s Supply

Mortgage Interest Rates

Advice to Sellers

Advice to Buyers

Bottom Line

Questions/Concerns? Please contact me.

Denise Fuller Tel: 703-881-6947 Denise@HomeEstateRealty.com

^{5 THINGS YOU CAN START DOING NOW}

Denise Fuller
Tel: 703-881-6947
Denise@HomeEstateRealty.com