The Spring market is in full swing…
The Nationals are cranking out the wins with hits, runs and great starting pitching. The Caps lost to the Penguins in the second round of the playoff series again and the Wizards played well in their second round of the playoffs with John Wall leading the way…it has to be spring, right? Couple all of this with the smell of fresh cut grass, newly edged mulch beds, flowers blooming and of course, houses selling quickly – we know it is spring and PRIME home selling season.
We have a very dynamic and robust market in most of Northern Virginia! As you are reading this, the median days on market is 8 and the average days on market is 37. So, it is a very good market if you do the right things to sell as the median days on market bears this out. Houses are either selling quick or they are not. We are seeing properties priced below $450,000 receiving multiple showings and offers when they are in the right condition, priced properly, well staged and professionally marketed. Houses that are priced too aggressively for the market, are in poor condition and/or location are sitting with showings but no contracts. Buyers are out there, but they are still being very discerning when it comes to home selection.
Another indicator that the spring market is in full swing – prices are increasing. Over the last 5 years, we only had 4% appreciation across all of Northern Virginia. Year to date, we have 3% appreciation. This is good, but also poses a challenge as appraisals are becoming more of an issue – especially when multiple offers bid prices way up to “win” the contract. In some cases, the comparable sales are not available for appraisers to rely on to support value. As inventory levels remain tight, rates continue to stay low and buyers remain active, we may see more appraisal issues than not. Stay tuned for more information as we enter the summertime.
As is always the case, everyone’s situation is different and needs to be reviewed in detail, so if you are considering selling or buying, please feel free to call me for a no obligation consultation. We are here to help!
Now go out and enjoy the weather!
It’s a good life.