February Market Update & Newsletter

The Northern Virginia real estate market continues to be full of surprises.  Looking back at 2023, home sales in our region outpaced expectations, despite the challenges posed by higher interest rates.  Many predicted rates would decrease, leading to increased sales.  However, rates remained elevated, yet the market didn’t slow down in Northern Virginia the way it did in other parts of the country.  Nationally, 2024 started with home sales dipping below 4 million — the lowest since 1995 and even lower than in 2023.  However, projections indicate a modest rebound of about 2% this year, pushing sales back above the 4 million mark.  Mortgage rates, which spent much of the past year above 7%, have recently settled in the mid-6% range.  While some forecasts suggest rates may decrease, I am expecting to remain between 6-7% for the foreseeable future, albeit with a lot of volatility week to week in that range.

Beyond interest rates, other factors could impact our housing market.  Changes in administration policies, trade negotiations with Canada and Mexico, and potential tariffs could influence the cost of new construction of new homes, particularly as they relate to lumber and building materials.  And as always anything that impacts inflation will have an effect.  How will recent resignations impact the Northern Virginia real estate market?  Expect them to add to inventory.  While widespread resignations don’t seem likely in many cases, the push for employees to return to the office could influence housing decisions. Some may choose to move closer to their workplace, while others might seek new job opportunities elsewhere, leading to shifts in housing demand across the region. These discussions and corporate restructuring may further shape the market, as professionals weigh the benefits of relocating for career stability or exploring opportunities in different areas. With so many moving pieces in today’s market, having the right guidance is more important than ever.

While the market has been challenging over the past two years, we’re seeing growing confidence among buyers and sellers. Most are adjusting to today’s interest rates, recognizing that real estate remains a solid long-term investment. The key to success in this market is understanding the trends, staying informed, and working with an experienced and insightful real estate professional who can help you get out if front of some of these trends.  If you’d like to discuss your real estate goals, have any questions or want to discuss how these market changes might affect your plans, don’t hesitate to reach out. I’d love to help — give me a call anytime!

It’s a good life.

Chris

Love Your Home

Smart Moves for February

February isn’t just about hearts and flowers — it’s also the perfect time to show your home some love! Whether you’re a homeowner, renter, or looking to buy, a little attention to your living space can help you stay ahead of the game before spring arrives.

✅ For Homeowners:

• Seal the love – Check windows and doors for drafts to keep heating bills in check.
• Warm up your investment – Get your HVAC system inspected to avoid costly repairs later.
• Show your home some TLC – A mid-winter deep clean will keep dust and allergens at bay.

🏡 For Renters:

• Organize your space – Declutter and refresh your living area to make it feel brand new.
• Protect your belongings – Now’s a great time to review or update your renter’s insurance.
• Check in with your landlord – Report any maintenance needs before small issues become big ones.

🔑 For Future Buyers:

• Get pre-approved – Lock in your mortgage pre-approval now so you’re ready when the perfect home hits the market.
• Watch the market – Home prices and interest rates fluctuate, and being informed can give you an advantage.
• Make a wish list – Start narrowing down must-haves vs. nice-to-haves so you can act fast when you find the right home.

No matter where you are in your real estate journey, a little planning now can lead to a smoother transition into spring! Thinking about making a move? Let’s chat — I’ve got the latest information on the market and I’d love to help you find the perfect home.

Recipe of the Month | Giada’s 5 Star Lasagna Rolls

Recipe courtesy of Giada De Laurentiis by foodnetwork.com

Ingredients:

Sauce:

• 2 tablespoons unsalted butter
• 4 teaspoons all-purpose flour
• 1 1/4 cups whole milk
• 1/4 teaspoon salt
• 1/8 teaspoon ground black pepper
• Pinch ground nutmeg

Lasagna:

• 1 (15-ounce) container whole milk ricotta cheese
• 1 (10-ounce) package frozen chopped spinach, thawed, squeezed dry
• 1 cup plus 2 tablespoons grated Parmesan
• 3 ounces thinly sliced prosciutto, chopped
• 1 large egg, beaten to blend
• 3/4 teaspoon salt, plus more for salting water
• 1/2 teaspoon freshly ground black pepper
• 1 to 2 tablespoons olive oil
• 12 uncooked lasagna noodles

Directions:

1. To make the sauce: Melt the butter in a heavy medium saucepan over medium-low heat. Add the flour and whisk for 3 minutes. Whisk in the milk. Increase the heat to medium-high. Whisk the sauce until it comes to a simmer and is thick and smooth, about 3 minutes. Whisk the salt, pepper, and nutmeg into the bechamel sauce.
2. Preheat the oven to 450 degrees F.
3. Whisk the ricotta, spinach, 1 cup Parmesan, prosciutto, egg, salt, and pepper in a medium bowl to blend.
4. Add a tablespoon or 2 of oil to a large pot of boiling salted water. Boil the noodles until just tender but still firm to bite. Drain. Arrange the noodles in a single layer on a baking sheet to prevent them from sticking.
5. Butter a 13-by-9-by-2-inch glass baking dish. Pour the bechamel sauce over the bottom of the prepared dish. Lay out 4 lasagna noodles on a work surface, then spread a large spoonful (about 3 tablespoons worth) of ricotta mixture evenly over each noodle. Starting at 1 end, roll each noodle like a jelly roll. Lay the lasagna rolls seam side down, without touching, atop the bechamel sauce in the dish. Repeat with the remaining noodles and ricotta mixture. Spoon 1 cup of marinara sauce over the lasagna rolls. Sprinkle the mozzarella and remaining 2 tablespoons of Parmesan over the lasagna rolls. Cover tightly with foil. Bake until heated through and the sauce bubbles, about 20 minutes. Uncover and bake until the cheese on top becomes golden, about 15 minutes longer. Let stand for 10 minutes. Meanwhile, heat the remaining marinara sauce in a heavy small saucepan over medium heat until hot, and serve alongside.

Monthly Home Maintenance Tips

Test Your Sump Pump. Melting snow and rain can lead to basement flooding. Pour water into the sump pit to ensure the pump is working properly.

Check Emergency Supplies. Ensure flashlights, batteries, and emergency kits are stocked in case of power outages. Keep extra blankets, bottled water, and a backup heat source on hand.

Reverse Ceiling Fans. Set ceiling fans to rotate clockwise at a low speed to push warm air back down, improving heating efficiency.

Plan for Spring Home Projects Now! Research and budget for upcoming home improvement projects. Book contractors early if you need work done before spring and summer rushes.

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