3 Hot Topics in the Housing Market Right Now

3 Hot Topics in the Housing Market Right Now | MyKCM

If you’re a prospective buyer or seller, it’s important to understand the current real estate market conditions and how they affect you. The Counselors of Real Estate (CRE) just released its Top Ten Issues Affecting Real Estate report. Here are three hot topics from the list and how they impact today’s housing market.

Technology Acceleration and Innovation

The past year ushered in many changes to the real estate industry, especially when it comes to technology. The CRE report elaborates on this:

“Lockdown-driven changes in our work, in the economy, in social structures, and in our personal behavior have pushed our reluctance aside. The acceleration and adoption of technology during the pandemic has impacted everything, and real estate is no exception.

For real estate, innovations like digital documentation, virtual tours, and video chat enable agents to connect with clients no matter their location. These options are ideal for prospective buyers and sellers who aren’t local to the area or those that need the added flexibility signing documents online or doing virtual tours provide. That’s why many trusted real estate advisors will continue to use these technologies moving forward to best serve their clients.

Remote Work and Mobility

Working from home became the reality for many individuals during the pandemic, and the latest list from the CRE identified remote work and mobility as an important influence on the real estate market. As the report notes:

the pandemic universally caused a movement away from urban cores, particularly for those with higher incomes who could afford to move and for lower-income individuals seeking lower costs of living. Most of these relocations remained within their original region—84%—and, while some are returning, it is unknown as to the permanence of these movements or whether they represent a true urban exodus.

With the added mobility remote work offers, where people are moving and where they can ultimately purchase a home is less dependent on a physical office location. This newfound flexibility is giving remote workers the opportunity to move to more affordable areas and buy more home for their money.

Housing Supply and Affordability

Finally, the limited supply of houses for sale and the related affordability challenges also makes CRE’s list of key factors this year:

“According to the National Association of Realtors®, the state of America’s housing inventory is dire, with a chronic shortage of affordable and available homes needed to support the nation’s population.”

There is good news. Homes are still more affordable than they have been historically thanks to today’s low mortgage rates. And while housing supply is still low, we’re seeing steady increases in the number of homes coming to market, which gives hope to homebuyers. As the supply of homes for sale improves, buyers will have more options.

Bottom Line

New technology, remote work, housing supply, and home affordability are key factors in the housing market right now for both buyers and sellers. If you want to better understand how these topics can impact you, let’s connect today! (703) 242-3975 | Info@TheBeltTeam.com | Contact Us

919 Challedon Rd, Great Falls VA 22066 – Just Listed by The Belt Team!

Price, features and LOTS more photos: 919 Challedon Rd, Great Falls VA 22066

Welcome to 919 Challedon Rd…a Great Falls contemporary in Lexington Estates! This 4BR/3BA charmer is in a quiet neighborhood on a 2/3 acre lot surrounded on 2 sides by wooded HOA common area. Stand out features include vaulted ceilings, wood floors on the main level, 3 fireplaces, main level bedrooms, 2-car attached garage and fantastic location! Just minutes from shops, restaurants and more in Great Falls Village, and easy access to Tysons Corner as well as Reston Town Center. And fabulous public schools…this home is located in the Langley Pyramid! Don’t miss this special Great Falls opportunity.

Call Beth Dadisman at (703) 577-1144 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!

10257 Friendship Ct, Fairfax VA 22032 – Just Listed by The Belt Team!

Price, features and LOTS more photos: 10257 Friendship Ct, Fairfax VA 22032

Welcome to 10257 Friendship Ct…beautifully updated 3 bedroom, 3 1/2 bath brick front townhome SO close to GMU! This property includes a total kitchen renovation with new cabinets, appliances, countertops, backsplash & porcelain tile flooring, June 2021. All baths have been updated with new vanities, tubs, toilets, porcelain tile flooring and tile bath surround, interior painted, new flooring and carpet lower level July 2021 Other stand out features: hardwood floors on the main and upper levels, separate/formal dining room, eat-in kitchen, spacious primary bedroom suite with sitting room, and finished lower level with rec room, wood-burning fireplace, Bonus room and 3rd full bath. Enjoy the outdoors on the back fenced-in stone patio. This home comes with 2 assigned parking spaces. Close to shopping, restaurants, many amenities and commuter options. Don’t miss this wonderful opportunity in Fairfax!

Call Beth Dadisman at (703) 577-1144 for more details or to schedule a showing!

Free Instant Online Home Valuation – What Is My Home Worth?

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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!

The Belt Team Recognized as Washingtonian Top Agent

The Belt Team is tremendously honored to once again be included on the Washingtonian Magazine’s 2021 list of Top Real Estate Agents. We have been in business for over 54 years and have been blessed with amazing clients, business partners, friends and family who have made it possible for us to continue to do what we love to do….make your real estate dreams come true!

THANK YOU!!

Home Sale Statistics in Northern Virginia – June 2021

What was the market like in June as we headed into the summer months? “The traditional summer slow down we see in the market is not significantly occurring and the market remains extremely active.” – CEO, Terry Belt.

Here is a summery of the Northern Virginia market for June 2021. Then be sure to click the links at the bottom of the post for the June market stats for some hyper local areas.

Northern Virginia June 2021 home sales:

4,863 homes went under contract in the region. This is up 11% from the same time period in 2020.

77% of the homes that went to settlement in June 2021, sold in 10 days or less from when they hit the market.

• Average sold price was $682,616 (up 17% from the same time period in 2020).

6,175 homes came on the market. That’s up 36% from June 2020.

• Homes that sold (closed) averaged 11 days on market 8 days faster than in June of 2020.

• There is currently a 0.9 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 3,571 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained an aggressive Seller’s Market. As with last month, we didn’t see a significant change in the monthly numbers from May to June, but we continued to see some double digit percentage increases in activity and average sold price compared to June of 2020.

It is still so critical to work with an experienced agent whether you are buying or selling.  So, if you are thinking of buying or selling, contact us NOW (703-242-3975).

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

Vienna: June 2021 Home Sales

Oakton: June 2021 Home Sales 

McLean: June 2021 Home Sales 

Great Falls: June 2021 Home Sales 

Reston: June 2021 Home Sales 

Falls Church: June 2021 Home Sales 

Arlington: June 2021 Home Sales

Alexandria: June 2021 Home Sales  

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

Want to know what your home is worth? Click below to get our free instant home valuation!

Coming Soon…919 Challedon Rd, Great Falls VA 22066!

Great Falls contemporary in Lexington Estates! This 4BR/3BA charmer is in a quiet neighborhood on a 2/3 acre lot surrounded on 2 sides by wooded HOA common area. Stand out features include vaulted ceilings, wood floors on the main level, 2 fireplaces, main level bedrooms, back deck, 2-car attached garage and fantastic location! Just minutes from shops, restaurants and more in Great Falls Village, and easy access to Tysons Corner as well as Reston Town Center. And fabulous public schools…this home is located in the Langley Pyramid! Don’t miss this special Great Falls opportunity.
 
Call Beth Dadisman at 703-577-1144 for price and more details!
 

Free Instant Online Home Valuation – What Is My Home Worth?

A Look at Home Price Appreciation Through 2025

A Look at Home Price Appreciation Through 2025 | MyKCM

Home prices have increased significantly over the last year, which in turn has grown the net worth of homeowners. Appreciation and home equity are directly linked – as the value of a home increases, so does a homeowner’s equity. And with these recent gains, homeowners are witnessing their financial stability and well-being grow to record levels.

In more good news for homeowners, the most recent Home Price Expectations Survey – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists – forecasts home prices will continue appreciating over the next five years, adding to the record amount of equity homeowners have already gained over the past year. Below are the expected year-over-year rates of home price appreciation from the report:

A Look at Home Price Appreciation Through 2025 | MyKCM

What Does This Mean for Homeowners?

Home prices are climbing today, and the data in the survey indicates they’ll continue to increase, but at rates that approach a more normal pace. Even still, the amount of household wealth a homeowner stands to earn going forward is substantial. This truly becomes clear when we consider a scenario using a median-priced home purchased in January of 2021 and the projected rate of appreciation on that home over the next five years. As the graph below illustrates, a homeowner could increase their net worth by a significant amount – over $93,000 dollars by 2026.

A Look at Home Price Appreciation Through 2025 | MyKCM

Home Price Appreciation and Home Equity

CoreLogic recently released their quarterly Homeowner Equity Insights Report, which tracks the year-over-year increases in equity. It shows an average annual gain of $33,400 per borrower over the past 12 months. In the report, Dr. Frank Nothaft, Chief Economist for CoreLogic, further explains:

Double-digit home price growth in the past year has bolstered home equity to a record amount. The national CoreLogic Home Price Index recorded an 11.4% rise in the year through March 2021, leading to a $216,000 increase in the average amount of equity held by homeowners with a mortgage.”

The expected, sustained growth of home prices means homeowners can continue to build on the past year’s record levels of home equity – and their financial prosperity. It also presents today’s homeowners with a unique opportunity: using their growing equity for a home upgrade. With so few homes available to purchase and strong buyer demand, there may not be a better time to sell your current house and move into one that better meets your needs.

Bottom Line

Home prices are expected to continue appreciating over the next five years, and the associated equity gains are the quickest way homeowners can build household wealth. If you’re a current homeowner who’s ready to take advantage of your built-up equity, let’s connect today to discuss your options. Info@TheBeltTeam.com | 703-242-3975

Wondering what your home is worth today? Click Here to get an instant, free home valuation!