Loudoun county housing market went thru a roller coaster and a syndrome now called “Pre-Election Stress Disorder” in October. New construction to resale home in the Eastern Loudoun county cities: Ashburn, Aldie, Leesburg, Sterling, Potomac Falls and Chantilly all had similar syndromes.
Many of the buyers were unsure what the outcome of this election will be and how it will affect their jobs to real estate market. That lead to a slowdown in the real estate market in October 2016. Add to that equation is the typical fall/ early winter market.
Being in DC metro it adds another flavor with buyers worry about government jobs and contractors which are a major source of employment. Reviewing the numbers the market was sluggish very similar to 2015 Oct real estate market. However compared to September 2016(average days on the market 45 days) we had an influx of days on the market(51 days on the market). On a positive note, the value of your home is still holding strong.
The anxiety of the interest rate rising has while the market slowing down has also put some buyers back on the fence.
Ritu Desai is an Associate Broker with Samson Properties with over a decade and $100+ Million of real estate sales experience in residential real estate in the Fairfax and Loudoun county area of Northern Virginia area.