Northern Virginia Real Estate Market Update

Regional Market Update: The DC regional housing market continues to see strong sales activity.  Regional sales activity is at it's highest level in nine years, and the median prices for all types of homes in most sectors of the region continue along a slow and steady rise. 

NOVA Market Update: Northern VA home prices remain stable. Arlington and Alexandria saw 3.9% and 3.0 % increases from this time last year. Fairfax County saw a slight decrease (0.3%) in median sales price but a significant increase in sales (19.3%).  

Rate Update: Interest rates are rising. Good news in our economy has been steady for long enough that we are starting to see the rates increase as predicted. For example: 30-year fixed rates recently rose to 4.09% from 4.04%. While they are going up, do keep in mind that rates are still historically low making this a good time to buy.

Home Owner Tip: Summer Vacation Home Safety

When you are out and about on your summer holiday keep these things in mind to make sure you return to your home just as you left it. 

Take action to make your home look lived in while you are gone  - don't let an opportunistic thief know you're not home.  

• House sitter If you have someone who can stay at your place while you're gone, not only can they water your plants, but they can keep an eye on things.
• Flyer collector If you don't have someone house sitting, ask a friend or neighbor to check out your front door periodically to make sure flyers or other marketing materials aren't showing off that you're not home. Some criminals will use fake service flyers to help determine who is away on vacation. 
• Cut the grass Do you cut your grass every week? Ask a friend or hire a lawn service to come in the weekend you're gone to make sure it gets done. 
• Use a timer Putting some lamps on an automatic timer is a very effective and inexpensive way to make your home appear occupied. Simple ones do the trick too! Timers are great for exterior lighting as well! 
• Hold the mail Reach out to your local post office and ask them to hold your mail. The service is free and can last for up to 30 days. Along these lines you also want to stop all automatic deliveries - newspapers sitting on your front stoop (or other packages) are a huge give away that you are out of town. Put a hold on your Loot Crate or Birch Box or whatever things you have sent to you automatically. 
• Free parking Ask a neighbor to park in your driveway/spot to give the impression that someone is home. 
• Unplug any electronics that won't be used. This will save electricity and remind you that you did NOT leave the coffee pot on... you unplugged it. 
• Be careful with social media If you are not sure about every single person on your friends list, or if you have any doubts about your privacy settings, err on the side of safety and don't tell the world you're away. 

Northern Virginia Real Estate Market Update

The DC regional housing market continues to see strong sales activity.  Regional sales prices for May were the highest they have been (for May) in a decade. Increased listing activity has been met with enough buyers that days on market remain relatively low (regional median days on market for May was 12 days).

Northern VA home prices continue to increase as the median home price in Fairfax County was $497,000 for May 2015, up 4.6% from May 2014.

Interest rates are holding steady.  Last month we saw them creeping up, and this week they are slightly down. Fortunately for buyers they are still lower than they were this time last year and remain at historic lows. With some good job numbers reported for April, experts are predicting that rate will rise throughout 2015 as we feel more stable about the national economy.

Northern Virginia Real Estate Market Update

The DC regional housing market is strong. Closed sales and new pending sales were up 10% versus last April and half of April's homes sold were on market for only two weeks or less! This is the highest number of pending sales we've seen since July 2005. 

Northern VA home prices continue to increase as the median home price in Fairfax County was $479,700 for April 2015, up 3.2% from April 2014.

Interest rates are rising. For the past 3 weeks interest rates have been creeping up, however they are still lower than they were this time last year and remain at historic lows. Experts are predicting they will continue to rise throughout 2015.

Overall activity is up this Spring, with lots of both buyers and sellers entering the market. This balanced activity has lead to a slowing of regional price growth. My opinion is that this month is a healthy balancing out of last months spring fever.  

Home Owner Tip: Spring cleaning helps your home maintain it's value!

If you're like me then winter helped you rack up a few too many to-do items around the house. Here are some tips and reminders to help you motivate and make the most of your spring cleaning.

• Serious top-to-bottom, take-no-dust-bunny-prisoners, company is coming style cleaning, helps you turn back the clock on the look and feel of your home. It also helps it maintain value!
• Tackle the every once in a while items that aren't on your regular cleaning schedule: washing/vacuuming the drapes, de-bugging light fixtures, polishing hardware (door hinges, cabinet knobs etc.), replacing grungy switch plates,replacing or repairing peeling or sagging weather stripping, and changing out old stove-top drip pans. 
• Change the direction of ceiling fan blades to help cool warmer rooms and reduce your summer energy bills. 
• De-clutter if you want to. If the items in your home make you happy and you don't feel overwhelmed by them, then clutter is not an issue! If they are driving you up the wall, or making you feel sad then it's time to tackle your stuff.  

Home Owner Tip: Save money by paying your mortgage off early

Buying a home is often the biggest financial choice most Americans will make in their lifetime. In addition to providing a stable secure place to live for years to come, your home is also a wealth building tool, as the equity in your home grows over the years. While your monthly mortgage payment is something you may "set and forget", taking steps to pay down your home loan faster can save you a lot of money in the long term. What it boils down to: make a habit of sending your lender more than the minimum amount. Finance Guru Dave Ramsey recommends a few simple ways to think about how you can pay down your mortgage more quickly in this blog post.

Northern Virginia Real Estate Market Update

The Northern VA market continues to improve as the median home price in Fairfax County was $461,00 for March 2015, up 2.8% from March 2014. The DC regional housing market is strong. The median sales price in March in the DC Metro Area was up to $400,000 - the highest March level we've seen since 2007. Interest rates remain stable and under 4% - helping buyers enter the market, and saving money for home owners who are ready to refinance. Personally, I’ve been seeing multiple offers in the past couple of weeks on properties that are priced right for their condition! Things are moving quickly this spring, as buyers and sellers have both turned out in force. Everyone’s been busy.