If you or you have friends and family housing hunting finding in the Northern Virginia area of Loudoun & Fairfax county home buying has been a stressful journey.
Since the beginning of 2017, we are facing a tight inventory and multiple bids have been a common scene.
For real estate agent like me who has been in the industry for a while and seen the 2005-2006 market feels like a flashback! As soon as the home hits the market we would try to preview and submit the offer right on spot. The sellers dominated our terms and worst part appraiser back then was a drive by. Thank God this time the appraiser are conservative. In fact, in some cases, they are too conservative for us. They don’t give enough adjustments for a home that has been well updated. Going back to the topic.
Is Northern Virginia real estate market topping out?
Yes, to some extent. The reason is buyers are tired of losing an opportunity or dream shattering when they loose on a bid to buy a home. The house they want everyone wants. Some buyers have pulled out of the market. While some are staying positive.
Interest rate did slip past week. That has added anxiety among the buyers to snap a deal and be done with house hunting.
As I had mentioned in past blogs, Northern Virginia housing is still reasonably priced unlike New York, Seattle or San Francisco’s market.
Entering into early 2017 summer real estate market we are ready for a slow down which is very typical.
If you are a Northern Virginia home seller are thinking about listing your home on the market it may not be a terribly bad idea. Things are moving as long as you price it right for the market. If things do slow down you may not get the premium price your neighbor got a few weeks ago or month ago but at the end, the goal is to sell your home and move on to your next chapter!
If you are a Northern Virginia home buyer and still hunting for your dream home be realistic. If the inventory is tight don’t be impulsive. It the house is right everything will fall in its place. It may be disappointing but real estate is a long-term investment. If the market slows down to be an opportunist home buyer. If it remains tight in the area you are house hunting be open to upgrading and taking over projects. In long run, it may pay off. Everyone wants a turn key condition home but sometimes diamond can be hidden in the rough.
New construction in the Loudoun county continues to be strong. Many of the builder’s preferred lender are offering long term interest rate lock to buy the anxiety of the home buyers. However, builders are ahead of the construction sales volume that means less incentives. Some of the local builders are out 6-9 months to deliver the home. If you are planning to purchase a new construction especially in Loudoun county area of Aldie and Ashburn it may be worth to hold off till fall market when builders are trying to wrap up their books.