May Market Update & Newsletter
The Spring housing market is starting to warm up here in Northern Virginia right along with the weather. Inventory of homes for sale is (Finally!) on the rise, and unsurprisingly so are sales. Great and welcome news, though admittedly it’s a bit of damning with faint praise. This April marked the first time in nearly a decade we have had more inventory of homes for sale than we did the same month the previous year. The last time this happened was when there were more houses for sale in 2015 than in 2014 in April. That is 9 years of month-over-month declines in active houses for sale year over year–it’s pretty amazing to me. In 2014, we had 6,145 homes for sale in Northern Virginia. In 2015 we had 8,247. Since then, the inventory of houses for sale every week and every month dropped when compared to the previous year. We ended April with just 1,676 houses available to home buyers, while last year we ended April with 1,529.
The good news is buyer demand is not being deterred by higher rates, at least not yet. We continue to often see more than 50 people through houses on the first weekend they are for sale, and in some instances, we have had as many as 75 people through open houses. Whew. Multiple contracts continue to be the norm more than the exception. On another nerdy number note, during the previous three weeks, we had more than 700 contracts written in the preceding 7 days. This was the first time this has happened since July of 2022. If rates were lower, this number would be substantially higher as more buyers would be coming out of the woodwork to become homeowners and more sellers would be willing to move on.
I previously mentioned buyers are not deterred by higher rates. Regarding this statement, everyone should be prepared for rates to stay in this range for the foreseeable future. The economy is floating along at a bit of a tepid pace, but inflation is now moving higher again. Because of that the Fed is not inclined to reduce their rates. Allow me to be more forceful. If inflation continues in the 3.5% range they just won’t be doing it. As such, mortgage rates are and will stay in the ranges we have been seeing this year. The Fed doesn’t set mortgage rates but their actions on the monetary side influence them and send signals. If you recall, generally when the Fed raises the federal funds rate, it can put upward pressure on longer-term interest rates, including the yield on the 10-year Treasury bond, as investors anticipate higher borrowing costs and adjust their expectations for future inflation and economic growth accordingly. Mortgage rates are generally tied to the 10-year treasury. A little Econ 101 there but if you have any questions about this, feel free to reach out to me.
Have a great rest of your spring, and as always feel free to call me to discuss your situation in more detail if you are looking to sell or buy in this competitive market!
It’s a good life.
Chris
PREPARING YOUR HOUSE FOR A SPRING LISTING
Read the full article at keepingcurrentmatters.com
If you’re thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it’ll be important to make sure your house shines bright among the competition. Here are some valuable tips you can use to get your house market-ready.
Declutter and Organize
First impressions matter, and if your house is a mess, that can easily turn off potential buyers. Before listing, take the time to declutter and organize each room. Decluttering is about more than just tidying up – it’s about creating a sense of space and openness that allows potential buyers to envision themselves living in your home.
Deep Clean Your Kitchen and Bathrooms
The kitchen and bathrooms are focal points for many buyers, and often influence their overall opinion of the house. Ensure these spaces dazzle by giving them a thorough deep cleaning. Pay attention to details like scrubbing grout lines, polishing fixtures, and decluttering countertops. A sparkling kitchen and bathroom can leave a lasting positive impression on potential buyers.
Maintain Your Yard
Your home’s exterior is the first thing potential buyers see, so it’s important to make a good impression from the moment they arrive. A well-maintained yard not only enhances curb appeal, but also shows buyers the home has been well taken care of. Take the time to spruce up your yard by mowing the lawn, trimming bushes, and clearing away any debris or dead plants. Remember, the goal is to create a welcoming environment that entices buyers to step inside and imagine themselves living there. U.S. News says: “A beautifully landscaped front yard can elevate an ordinary house into a charming home and will help homes sell faster and for more money.”
Find a Listing Agent
A skilled listing agent is your partner in minimizing stress when selling your home. Lean on your agent for advice on decluttering, staging, and enhancing your home’s appeal to potential buyers. Their insights into market trends and recommendations for reliable contractors and stagers are invaluable. As Realtor.com says: “A good listing agent will help you price your home . . . recommend a photographer and stager to make it look its best, and put your home on the multiple listing service.”
Bottom Line
By decluttering, deep cleaning, and tidying up your house, you can create a welcoming environment that resonates with buyers and increases your chances of a successful sale. Connect with a trusted real estate agent for advice on what you need to do to get your house ready to sell this spring.
Recipe of the Month
Easy Orzo Salad
Yield: 4 Servings – Total Time: 20 Minutes
INGREDIENTS
- ½ (16 oz) box orzo pasta
- 3 cups baby spinach
- 2 tbsp olive oil
- ½ cup red onion, diced
- 1 (15.2 oz) can corn, drained
- ½ (6 oz) pkg crumbled feta
- 1 lemon
DIRECTIONS
- Prepare the orzo according to package directions and drain. While pasta is still warm, toss orzo, spinach, and olive oil together in a large bowl. Spinach should wilt slightly.
- Stir in the red onion, corn, and feta cheese.
- Juice the lemon and add to salad.
- Season with salt and pepper to taste. Serve warm or cold.
THE 6 BEST HOME IMPROVEMENT PROJECTS TO CROSS OFF YOUR LIST
By Hiranmayi Srinivasan | Better Homes & Garden
Summer is a great time for home improvement projects and DIY updates around the house. Set some time (and money) aside this summer to give your home some TLC. Not only will it increase the overall value of your home, but little upgrades here and there can also save you a lot of money down the line. Some home improvements can be expensive, such as adding central air conditioning or remodeling an entire room of your house. But some lower-cost projects can add value for less money. Here are some simple, affordable home improvement projects to try this summer that won’t break the bank.
1. Pressure-wash outdoor areas.
Winter weather can leave all sorts of dirt and grime on your home’s exterior and other outdoor areas. Take advantage of the warmer weather to give your home a high-powered cleaning. A pressure washer can quickly remove buildup on siding, driveways, decks, patios, and walkways. If you don’t own a pressure washer, you can often rent one at your local home center or hardware store. As you clean your home’s exterior, direct the spray downward to avoid forcing water into cracks or seams. Use a lower-pressure setting on surfaces that could easily be damaged, such as painted siding or wood decks.
2. Refinish your deck.
Sprucing up your deck with fresh paint or stain in anticipation of summer entertaining is a summer home improvement project that will really pay off. Not only will refinishing your deck give it a clean look, but it will also help reduce cracks and splinters, making the surface friendlier for bare feet. Proper prep is key to a beautiful finish, so take the time to clean the surface and strip off the old finish before you begin. While you’re at it, consider painting your patio furniture to make it look good as new. Then hang some outdoor string lights to make your space a dreamy oasis perfect for hosting a backyard event.
3. Build a shed.
Add value to your home and a spot to park your lawn equipment by building a shed in your backyard. Before starting this project, check with your local authorities, as building codes and ordinances vary by location. Once you’ve gotten the go-ahead, choose a spot in your yard that offers convenient access and prepare a solid, even foundation. You can purchase shed kits at home centers and online or find building plans that can easily be customized with different materials.
4. Declutter your home.
A summer home improvement project that can make a big difference in your living space is decluttering. Air out and organize those sometimes-forgotten areas that tend to be used less in colder months, like the garage, an outdoor shed, or a basement. It doesn’t usually cost anything to declutter, and you can earn money by selling items you no longer use. Plus, you can use your earnings toward other home repairs.
5. Refresh your house with paint.
Summer is the perfect season for more significant paint projects. If you have areas in your home that you’ve been meaning to repaint, such as entire rooms or the exterior, summer is the time to do it—and a little paint could go a long way in transforming your space. The warm weather lets the paint cure properly and ensures that it will last longer.
6. Check gutters.
This might not be the most fun or creative home improvement project, but it’s an important one for protecting your home against summer storms and preparing for the colder months ahead. “Winter, followed by a rainy spring, can take a toll on your gutters and downspouts,” says Bailey Carson, home expert at Angi, a digital company that helps people find local professionals for home projects. “If they’re ignored, you could end up needing to replace them altogether, or worse, dealing with foundation damage, interior flooding, driveway cracks, or landscape erosion.” The damage would cost you way more than cleaning your gutters, which averages $160, ranging from $118 to $225. All you need (if you don’t have this equipment) is a gutter cleaning attachment for your garden hose, a ladder, a bucket, a gutter scoop, and heavy-duty gloves. You could also buy a gutter guard to protect your gutters and prevent leaves from gathering in them in the first place.
