{"id":2678,"date":"2021-02-04T14:05:00","date_gmt":"2021-02-04T19:05:00","guid":{"rendered":"https:\/\/dominicksellshomes.com\/?p=2678"},"modified":"2021-02-04T14:09:00","modified_gmt":"2021-02-04T19:09:00","slug":"the-real-market-update-13","status":"publish","type":"post","link":"https:\/\/dominicksellshomes.com\/2021\/02\/04\/the-real-market-update-13\/","title":{"rendered":"The name of the game is: More Bidding Wars!"},"content":{"rendered":"

\"\"<\/a><\/h3>\n

The name of the game is: More Bidding Wars!<\/h3>\n

Well we have a month’s worth of new data and the message is: A strong sellers market driven by limited inventory that I’ve been reporting on for a long while has reached DEFCON 1.\u00a0 On Friday we ran the numbers and we were down to 1,745 homes on the market in the Northern Virginia region.\u00a0 That’s down 10% from last year.\u00a0 Yesterday we were at 1,469!!<\/strong>\u00a0 Only 155 of those are TH’s and 529 are SF’s.<\/p>\n

It’s typical to have 10 or more contracts on new listings of TH’s and SF homes and the winning offers are typically 5% to 10% above list price.\u00a0 Buyers are waiving inspections, appraisals and financing all over the place.\u00a0 It’s not a comfortable place to be as a purchaser.\u00a0 The good news is that it’s not just the highest offer that wins and there are things I am doing to position my clients to win these competitions without giving up the farm.\u00a0 Reach out to me if you are in the market to purchase or move up or down and I’ll go over what we can do as a team to help you come out on top.\u00a0 On the sellers side you need to do less to prep your home for sale and market timing is nearly irrelevant so if you are thinking of selling reach out to me.\u00a0 Your assumptions about house prep and timing may be inaccurate.<\/p>\n

Let’s get into some of the numbers for you wonks out there.\u00a0 One of the reasons that inventory is so low is that the pace of sales is up 23% over last year, pandemic be damned!\u00a0 Closings are up 37%.\u00a0 This translates to a .7 (point 7) months supply of houses for sale.\u00a0 Rentals are worse at .5 months supply.\u00a0 Depending on the area prices are up over 10% and climbing.\u00a0 On the new construction front materials costs going through the roof coupled with increased demand raised prices a staggering 18.8% last year.<\/p>\n

All of that segues into my regular commentary about distress sales.\u00a0 There are only 8 foreclosures and 4 shorts sales on the market (compared to 35 and 21 last year).\u00a0 Rising prices (and thus equity positions) coupled with the extended forbearance programs will make those nearly non-existent for the next several quarters at least.\u00a0 Where the cracks will emerge in this first I believe is in the small investor market, landlords who own just a couple of investment properties where the tenants are delinquent.\u00a0 The average delinquent tenant is 4 months or $5,600 a month in arrears.\u00a0 If you are a landlord with 3 properties\u00a0and two are in that situation you could be in trouble.<\/p>\n

On the mortgage and interest rate fronts the Fed met last week and in the most unequivocal terms they can typically muster stated that they have no plans to push up interest rates, which is good news.\u00a0 There is a much higher scrutiny of self employed borrowers due to the pandemic so if you are in that situation be prepared for a more complicated and documentation heavy mortgage process.<\/p>\n

So an outstanding time to sell, a challenging\u00a0yet still excellent time to buy, and continued market strength.<\/p>\n

It’s a good life.<\/p>\n

Chris<\/p>\n","protected":false},"excerpt":{"rendered":"

The name of the game is: More Bidding Wars! Well we have a month’s worth of new data and the message is: A strong sellers market driven by limited inventory that I’ve been reporting on for a long while has reached DEFCON 1.\u00a0 On Friday we ran the numbers and we were down […]<\/p>\n","protected":false},"author":2,"featured_media":2420,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,10],"tags":[],"yoast_head":"\nThe name of the game is: More Bidding Wars! - Christopher Dominick Real Estate Broker<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dominicksellshomes.com\/2021\/02\/04\/the-real-market-update-13\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The name of the game is: More Bidding Wars! - Christopher Dominick Real Estate Broker\" \/>\n<meta property=\"og:description\" content=\"The name of the game is: More Bidding Wars! 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