Winter Will Bring a Flurry of Activity to the Housing Market

Winter Will Bring a Flurry of Activity to the Housing Market | MyKCM

In the second half of this year, the housing market surged with activity. Today, real estate experts are looking ahead to the winter season and the forecast is anything but chilly. As Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), notes:

“It will be one of the best winter sales years ever.”

The typical winter slowdown in the housing market is simply not on the radar. Here’s why.

While today’s historically low mortgage rates are expected to remain low, they won’t be this low for much longer. This could be the last chance for homebuyers to secure such low rates, and they’re ready to take action. In a recent article, Bankrate explained:

“If you’re looking to buy a home…expect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has rebounded.”

As long as we continue to see low interest rates, we’ll see hopeful buyers on the hunt for their dream homes. Yun confirmed:

“The demand for home buying remains super strong…And we’re still likely to end the year with more homes sold overall in 2020 than in 2019…With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”

The challenge, however, is the lack of homes available for sale. With that in mind, all eyes are on homeowners to see if they’ll sell this winter or wait until spring. Danielle Hale, Chief Economist for realtor.com, says it’s best for sellers to capitalize on this moment sooner rather than later:

“We currently see buyers sticking around in the housing market much later than we usually do this fall. If that trend continues, we will see more buyers in the market this winter, too. So, this winter is likely to be a good time to sell.”

With buyers ready to stay active this winter, sellers who want to close a deal on the best possible terms shouldn’t wait until spring to put their homes on the market.

Bottom Line

Experts agree the winter housing market could potentially be bigger than ever. Whether you’re ready to buy or sell, let’s connect today so you can be in your dream home by the new year. (703) 242-3975 | info@TheBeltTeam.com

Wondering what your home is worth? CLICK HERE to find out!

Home Sale Statistics in Northern Virginia – October 2020

The Fall real estate market has lost no steam in the region as strong buyer demand continues unabated.  Usually the fall market brings a seasonal slow down; however, this year for the first time since the peak of the last real estate cycle over a decade ago, sales  increased in October over September.  Inventory increased, but was quickly absorbed and prices continue to go up in most areas for detached homes.

We are not seeing any change in market conditions as it continues to be a strong sellers market and hyper competitive for buyers especially in the median price ranges.  Homes that are priced attractively and in good condition attract multiple offers and price escalations.  In contrast we are starting to see the condo supply and days on market increase in the closer in more urban submarkets and will have to watch this trend.  Compared to the last “Bull” market it is interesting to note that homes that are mispriced and/or in poor condition will sit on the market.  Over all it remains a fantastic time to sell as fall progresses with less competition and very healthy demand.  

Northern Virginia October 2020 home sales:

3,929 homes went under contract in the region. This is up 32% from the same time period in 2019.

67% of the homes that went to settlement in October 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $604,824 (up 11% from the same time period in 2019).

4,916 homes came on the market. That’s up 35% from October 2019.

• Homes that sold (closed) averaged 16 days on market, 11 days faster than in October of 2019.

• There is currently a 1.2 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Northern Virginia – and 3,864 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market. Market activity, and prices, in the region continued to be up year-over-year. Sales were up compared to last month and inventory increased again in the region in October but we are still experiencing an inventory shortage (inventory in some our hyper local market actually went down during the month) which is putting upward pressure on home prices. 

If you need to sell your home, contact us NOW at 703-242-3975 or Info@TheBeltTeam.com or Click Here to help get your home ready and to make sure you DON’T MISS OUT on this market!  If you need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and has experience in this competitive market. So give us a call!

To see what the conditions are like in your community, click on the link to your desired city below! 

Vienna: October 2020 Home Sales

Oakton: October 2020 Home Sales 

McLean: October 2020 Home Sales 

Great Falls: October 2020 Home Sales 

Reston: October 2020 Home Sales 

Falls Church: October 2020 Home Sales 

Arlington: October 2020 Home Sales 

Alexandria: October 2020 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Selling Your Home During The Holidays – Good Idea or Bad?

As Thanksgiving approaches, we often get the question, “Should I wait to go on the market until after the holidays?” or “My home is on the market now, should I take it off during the holidays?”. Well, the answer is “It depends“! Here are some things you might want to consider if you’re thinking of selling your home during the holidays (and you can start here with a FREE online estimate of what your home is worth.)

  • If your home is already on the market, it may be a good idea to stay on the market, especially with the extremely low level of inventory and high purchaser.  Buyers who are looking at homes during the holidays are usually “Real Buyers” and not just “lookie-loos”. Beth Dadisman, Buyer Specialist for The Belt Team, says “I have multiple buyers who are VERY motivated to buy during this timeframe.” And Gail Belt, Founding Partner of The Belt Team says, “My experience is that Buyers who are out looking at property during the holidays tend to be serious buyers. There may not be as many people looking at your house, but the ones who come NEED to buy or they wouldn’’t be out looking at this time of year.” Beth added, “My husband and I have moved 3 times in January. So we were some of those serious buyers looking in December!”
  • During the holidays, many Sellers take their homes off the market. This means we often see inventory drop and therefore if you’re on the market, you may have less competition.  However, it depends on your situation.  We advise many of our sellers to stay on the market. We can work with you to restrict showings on special days like Thanksgiving. But selling now before Spring competition picks up might be in your best interests.  Terry Belt, CEO of The Belt Team adds, “If you do go off the market now, consider coming back on immediately in the new year. In many areas, homes sell for more money in January-February than they do in the typical “Spring Market”  of March-April.”
  • What is your true motivation? Do you truly want/need to sell? If you’re just “testing the market” (IE – if you are not realistically pricing your home to what TODAY’S Buyers are willing to pay), then now is NOT the time to go on the market. Your home will likely not sell, and then when Spring arrives – your home will be “stale on the market”.  Prospective Buyers may wonder what’s wrong with your home and why has it been on the market so long.  (This is true at any time of year. Overpricing stigmatizes your home and hurts your eventual bottom line significantly.)
  • Set your expectations properly.”  Plan accordingly and prepare yourself & your family to be ready to juggle preparation & showings with other seasonal activities. (And if you have little ones, maybe Santa’s upcoming visit will encourage them to keep their rooms clean!)
  • Some Sellers really should wait until Spring. While most homes look better in the Spring when the trees fill out & flowers are in bloom, this is not usually a reason to wait for Spring. (That’s what everyone does and that just means more competition.) However, some homes are an exception to this rule. For example, Terry Belt shares, “We had a listing that backed to a cemetery. And while some people like that idea (quiet neighbors!), most people don’t like the reminder when they look out the window of their home. This is an item that can severely impact salability and price. In this case, we advised our Sellers to wait a few extra months and put their home on the market when trees were fully blossomed and the cemetery was not visible. You cannot get rid of extraneous factors like a cemetery, but you can mitigate their impact.”
  • If you do go on the market, don’t forget that Buyers looking at your home are trying to picture themselves & their families in your home. This is hard to do if your home is over-decorated with holiday knick knacks. You may want to be a little more restrained than you normally would be when putting up your decorations.  Too many decorations can also make your rooms look smaller than they really are. In addition, Winter is a dark time of year, so make sure you keep your home as light-filled as possible. Open the drapes, raise the blinds and turn on all your lights. The few extra pennies will be worth it!

If you need help working through what is the best time to put your home on the market, contact The Belt Team at (703) 242-3975. Every situation is different and we would be happy to help you figure out what is best for YOU!

1855 Foxstone Dr, Vienna VA 22182 – Just Listed by The Belt Team!

Price, features and LOTS more photos: 1855 Foxstone Dr, Vienna VA 22182

Welcome to 1855 Foxstone Drive…a delightful, appealing colonial split style home in the sought after community of Foxstone. This home is located across the street from Foxstone Park and walking distance to the Creek and the Town of Vienna! The light-filled house features 5BR/2.5BAs and is loaded with updates done by the current owner. Stand out features include hardwood floors mostly throughout, striking kitchen with large island, stainless steel appliances, and gas cooking, impressive private primary bedroom suite with sitting room and gas fireplace, 4 additional bedrooms on upper level, carpeted lower level family room with gas fireplace, oversized 2-car attached garage, back deck and gorgeous landscaping. All of this and more in an unbeatable Vienna location…great commuter options, close to Tysons and fabulous schools!

Call Terry Belt & The Belt Team at (703) 242-3975 for more details or to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 50 years and has sold over $1 Billion in transaction volume! (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!