The Northern Virginia real estate market continues to chug along like the “Little Engine That Could.” Inventory levels continue to shrink, yet sales remain consistent. Right now, inventory levels are 13.5% below last year and sales are only 85 sales behind the previous 30 days numbers last year. Lack of inventory is holding sales steady, as there are lots of buyers, but not as many good homes available. Reasonable interest rates and loan programs continue to keep buyers in the game. We are getting to the time of year when homes that are on the market but have not sold need to make some hard choices. Get more aggressive on your price to capture the limited holiday season sales or come off the market until the early spring.
The biggest thing we all are talking about now in the real estate field is of course tax reform. There are numerous parts of the legislation in both the House and Senate versions that impact housing directly. You can bet that the National Association of Realtors, our local board, myself and my company will be doing all that we can to steer the legislation to benefit housing. I firmly believe that properly executed tax reform is not only drastically needed but has an enormous potential to not just grow the economy but to super charge it. A booming economy is the salve to many wounds. So we will continue to influence and monitor the reconciliation process in congress which has the capacity to produce legislation that will further unleash the economy while still making home ownership a cornerstone of the American Dream.
Happy Thanksgiving in advance!
It’s a good life.