Market Update-Great time to be a seller

Alexandria Market UpdateWe’ve elected to use our data from Alexandria to give you a snapshot of what’s going on in our marketplace. The stats would be similar in Springfield, Lorton, or most places in Northern Virginia.

Inventory is unusually low…in this case down 14% from a year ago. This has resulted in slightly higher prices and significantly fewer days on the market.

If anyone says things are slow, it means they don’t have any listings to sell. Right now we are seeing a lot of showings and serious interest in almost all properties that are staged well and priced correctly. We are receiving strong offers on the best homes and buyers are circling around others they perceive to be over-priced, just waiting for a reduction.

Interest rates are still extremely attractive with FHA and VA just under 4% and conventional rates around 4.25%. So, for sellers, nothing’s better than low competition and lots of buyers able to get bargain loans. Any home on the market over 60 days is either not showing as well as it could or the owner is being over-ambitious price-wise.

We’ll be watching developments closely as we have both buyers with neighborhoods they want to live in but nothing available and sellers that will be going on late this year and early next year.

Give us a call at 703-822-0207 anytime if you are thinking about selling your home. We will be there every step of the way to make your sale a big success. We’d love to help you.

Not ready to talk, but curious about what your home is worth? Click here for a free, custom home valuation.

Market Update