Summer slow down brings a strange or a weird real estate market in the DC metro area.
While overall the pulse of the market was a typical summer market with a slowdown. However, we saw a gain in the sales price. Days on the market (-18%) continue to be lower compared to the last year August 2016 real estate market in Loudoun County.
With the government shut down looming over the DC metro area we did see a pull back. Which may reflect in September real estate market report. The strength of the market is the lower interest rate. We saw another drop in the rates below 4% in August. Refinance has been up as per my lender friends.
Motivated sellers and price to sell riders are popping up on the listings that could not be sold in our summer market. The analogy of the Loudoun & Fairfax County real estate market is flip of a switch. One day market is extremely competitive for our buyers to find a home and next moment we are struggling to get a buyer to our listings.
The analogy of the Loudoun & Fairfax County real estate market is flip of a switch. One day market is extremely competitive for our buyers to find a home and next moment we are struggling to get a buyer to our listings.
New construction has been very strong from the beginning of 2017. Builders like NV Homes, Ryan Homes, Toll Brothers, Van Metre are way ahead of their numbers. Which may indicate fewer incentives and negotiation as they wrap up their fiscal year of 2017.
Last quarter of 2017 for Eastern Loudoun county including cities of Aldie, Ashburn, Brambleton, Broadlands, Chantilly, Dulles, Leesburg, Lansdowne, Sterling, South Riding will see over all a pull back but homes that are priced right will be snapped over the weekend.
If you are a home seller planning to sell a home in fall or winter of 2017 price your home right and stage it. It will sell without getting a stale listing on the market.
If you are a home buyer planning to purchase a home in fall or winter of 2017 you may not have a huge inventory to choose from but you will have the leverage to negotiate and not have to deal with the anxiety of multiple offers.
Ritu Desai is an Associate Broker at Samson Properties with over 14 years of real estate service specializing in first time home buyers, sellers and buyers who want to move up or sellers who are ready to downsize in DC metro area of Fairfax & Loudoun county of Virginia. With over $100M+ in sales experience, Ritu Desai resides on Virginia State Real Estate Board as their Risk Management Committee member, Grievances Committee Member and at Northern Virginia Real Estate Board she sits as their Professional Standard Committee member.