It's the most wonderful time of the year...

There are many reasons to buy or sell a house in the Winter.

"But winter is the slow time for real estate Nicole!"

      ...Exactly! :D

It's all relative, and slow does not mean non-existent. There are ALWAYS people in the market place - especially here in Northern Virginia. Fewer people in the market means fewer people who are competing with you - no matter if you are buying or selling. The market functions on supply and demand; lower competition can lead to successful transactions for both buyers and sellers. The people who are in the market this time of year are motivated ready to make it work so great transactions happen in the colder months.

Traditional 'wisdom' is that winter is a slightly better time for buyers, since they are less likely to be competing with other buyers - but data also shows that winter home sales in recent years have sold faster, with a increased chance of getting better than the asking price.

My take on this is that more often than not, those people who are in the winter market are taking a reasonable approach to the process. The Spring Fever can lead to unrealistic expectations on both sides, but in winter cooler heads often prevail.

No matter the time of year a home in good condition, priced correctly for the market, will sell quickly. No matter the time of year a buyer with great representation will be able to find the best home for them and negotiate a great contract for it.

If you'd like to talk more about Real Estate in Northern Virginia email me
nicoleduffey@kw.com

October 2014 Northern Virginia Housing Market Update

The median sales price DC Metro area is on the rise - October 2014 saw a 5.3% increase from last year. The number of closed sales fell slightly, but the reduction was from the distressed properties section of the market.

What that means for DC metro homeowners is a pretty balanced and stable market. Active listings are on the rise and have been increasing since the lows of the recession. This is good news as more homeowners find their property values sufficient to pay off their mortgages, and more houses for sale means more choices for buyers.

The median sales price of a home in Fairfax County was up 2.3% in October from last year.
October 2013   $440,000
October 2014   $450,000

If you've not been tracking the housing market since the recession (and who could blame you) we are back to a stable and more "normal" market. The foreclosures, short sales and bank owned properties are more or less gone (back down to pre-recession levels) and so the inventory we have is mostly healthy "normal" home owners selling and buying. The balancing has caused some investors to back out of the market for now, which is great news for more traditional home buyers who won't be as likely to compete with cash offers from investors.


Monthly Reminder: Real Estate is always a LOCAL market. Just because your home (or your dream home) is in the DC Metro area doesn't mean that this analysis will apply to that property in particular. If you'd like a detailed analysis of a particular neighborhood because you're thinking of buying or selling then give me a call or send me an email - I'm happy to help. 

nicole.duffey@gmail.com

703-303-2889