What are current market conditions like here in northern Virginia?
As we begin 2017, we’re in a seller’s market. In fact, we’ve been in a seller’s market for some time. Our level of inventory is staying within the two to three-month range, but if a seller puts a pristine and well-maintained home on the market, it should sell in a matter of days. If the condition of the home is somewhat less than that, it should languish on the market for a little while longer.
Since there is more demand than supply, prices have been climbing steadily at a modest rate for several years, and that should continue in 2017. Interest rates are also going up, as the rate for a 30-year mortgage sits at 4.1%. As you might’ve heard, the Federal Reserve has decided to raise interest rates even further, so that’s another phenomenon to keep an eye on.
What does all this mean going forward?
If you’re a seller, the course is clear. Now is a great time to put your house on the market, as you should see many buyers come off the fence before interest rates rise again.
Because our market is so strong overall, now is also a good time to be a buyer. There aren’t many bargains out there like there were during the crash, but if you look for a fair market value home, you should get what you need. There are also many innovative mortgage products coming out to help you with this.
If you have any additional questions, please feel free to call, email, or text me with whatever’s on your mind. I’d be happy to talk with you!