Most of the Northern Virginians have not seen a ray of sunshine in past 2 weeks. We are still wrapped up in our jackets and have not put away winter sweaters!! Ya sounds like we are cursed my mother nature or global warming.
However, the weather which has a huge impact during our winter month did not affect the strong spring market. All the numbers are in the green zone (positive and strong).
The inventory is lower than last year by double digits (17.48%). This may be one of the many reasons why buyers are seeing multiple offers or home flying off the market within a short period.
Considering a shortage of inventory, the housing prices have been stable in the Loudoun county real estate market. We saw a small increment in the sales price over last year. The lower interest rate has also contributed to many 1st time home buyers to consider ownership rather than renting a home.
When the May real estate market report for the Loudoun county may also reflect a similar trend.
Last year, this time, we had seen a sudden slow down of our housing market and the market did not pick till early fall. Let’s hope the spring market continues with positive growth and a balanced housing market in the Ashburn, Aldie, Leesburg, Potomac Falls, Sterling, Dulles, South Riding in the Eastern Loudoun county area.
New construction has been on a steady pace. Builders are seeing a similar trend. But this year as a local Loudoun county Realtor I personally feel this season buyers are open to resale homes over new construction.
The concerns I have heard are interest rate, the square feet you get for your money in resale home is higher compared to new homes, construction time, builders mark up on cost of options/upgrades, and last but not least the expenses after buying new construction which includes decks, window treatment and other details to personalized your home.