Inventory finally breaks loose!
Through the first three months of the year we were lagging behind 2015 from an inventory standpoint, and last year was already a tight year for houses being marketed in the Northern Virginia region (inside the Beltway, Fairfax, Loudoun, Prince William and Fauquier counties).
Inventory levels from the last 3 months: February 4,942. March 5,502. April 6,902. It’s about time! That is also higher than April 2015 (6,582).
So what does all of that mean? Sales are up yet there is still pent up demand. However, it is still a very discerning type of demand. Homes in lousy condition continue to sit and homes that are in tip top shape fly out the door, sometimes with multiple offers. Additionally over priced homes are sitting.
The correct strategy now for sellers to maximize their net from the sale of the home is to get the property market ready, hire a top notch agent to promote it, and price it properly (even aggressively in the right circumstances but don’t lose your mind). The pent up demand will drive you to the market price.
Additionally interest rates remain especially low!
What this means for you as a buyer is that you have to be ready to jump when you see that perfect property and come in strong. You must also be willing to look at homes that have all the things you can’t change that you want, but may be lacking some feature you can add or correct later.
It’s a good life.