When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you? In today’s market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analytics, explains: “Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes ..read more

The latest home sales figures for March/Q1 2024 are here, confirming that we’re still firmly in a Seller’s Market. Join Terry as he discusses the current market landscape, explores the factors driving up home prices (particularly in our region), and delves into the challenges facing prospective buyers.  To see all of our home sales numbers for the Northern Virginia Region and many of our hyper local areas, head to the links at the bottom of the page. Northern Virginia March/Q1 2024 Home Sales: • 2,705 homes went under contract in the region. This is up 0.8% from the same t ..read more

Are you thinking about making a move? If so, now may be the perfect time to start the process. That’s because experts say the best week to list your house is just around the corner. A recent Realtor.com study looked at housing market trends over the past several years (with the exception of 2020, since it was an unusual year), and found the best week to put your house on the market this year is April 14-20: “Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller. This year, the week of April 14–20 is the best ..read more

The Spring market has arrived and with that has come more homes coming on the market compared to several months ago. However, the inventory is still extremely low with most areas in the region only having 1-2 months supply of homes. It’s still a great time to be a seller but remains challenging for buyers. See all of the market statistics below for Northern Virginia for February. Then use the links at the bottom of the page to see how your specific community is doing! Northern Virginia February 2024 home sales: • 2,003 homes went under contract in the region. This is down 1.7 ..read more

Thinking about selling your house and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of homes for sale has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy. So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works: A neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady. A buyer’s m ..read more

There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall. And if you’re looking to buy or sell a home, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the short-term volatility distract you. The experts agree the overarching downward tre ..read more

Those of you who live in Fairfax County should be receiving your real estate tax assessment shortly. For a large number of you (73%), the assessment went up. On average, residential real estate assessments are up 2.86%. The average assessment for homes in Fairfax County in 2024 was $744,526 (up from $723,825 in 2023). “Throughout 2023, mortgage rates remained relatively high, and in Fairfax County sales volume was down significantly from 2022. On average, home prices have continued to increase due to demand exceeding supply, but only moderately compared to the previous two year ..read more

In January 2024, Northern Virginia witnessed robust real estate activity despite some year-over-year declines. While the region saw a decrease in homes going under contract compared to 2023, a notable portion of properties sold swiftly within 10 days of listing. In addition, the number of new listings saw a decline from the previous year, contributing to a tighter inventory. Northern Virginia maintained its status as a Seller’s Market, with early signs of market strengthening compared to year-end 2023. The average sold price continued its upward trajectory from the previous year, signaling con ..read more

Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn’t as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal. The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. T ..read more

On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024. What Pre-Approval Is As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more. From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow ..read more