This week we’ve got a quick housing market update for the end of February in Northern Virginia. We’ve started out the year fast and furious, with low inventory, crazy-low interest rates that seem to be dropping daily and lots of buyer demand.
So what we wanted to do is give you an idea of what’s going on in our real estate market. We are in a hyper low inventory market.
Let us back that up for you. Our office is in zip code 22310. We look at that and the surrounding 22315 and it gives us a snap shot of what’s going on in all of Northern Virginia. And the end of this week, Thursday, Friday, when all the new things for the weekend come on, there were 40 homes on the market. That’s everything from a one bedroom condo, to a million dollar property, but out of that 40, there were eight listings that were over 55 communities, so not everybody falls into that category, and of the remaining 32, there were some that had been on for a while, and by that I mean they were either over priced, or they didn’t look good, or some combination of both.
With interest rates down in the three and a half range, there’s a lot of pent-up demand for buyers, and just not a whole lot for them to look at. What that means is it’s a sellers market, but if sellers want to maximize their price and they want to get the best terms possible, they have to do things right. And for buyers, there’s all kinds of ways that they can make their offer more attractive to sellers.
We hope this has been helpful. If you have any questions we’d love to answer them for you. As always, if we can help you with any of your real estate needs, don’t hesitate to reach out. We’d love to help you!
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