Sellers Have an Opportunity with Today’s Home Prices

As mortgage rates started to rise this year, many homeowners began to wonder if the value of their homes would fall. Here’s the good news. Historically, when mortgage rates rise by a percentage point or more, home values continue to appreciate. The latest data on home prices seems to confirm that trend.

According to data from CoreLogic, home price appreciation has been re-accelerating since November. The graph below shows this increase in home price appreciation in green:

Sellers Have an Opportunity as Home Prices Re-Accelerate | MyKCM

This is largely due to an ongoing imbalance in supply and demand. Specifically, housing supply is still low, and demand is high. As mortgage rates started to rise this year, many homebuyers rushed to make their purchases before those rates could climb higher. The increased competition drove home prices up even more. Selma Hepp, Deputy Chief Economist at CoreLogicexplains:

“Home price growth continued to gain speed in early spring, as eager buyers tried to get in front of the mortgage rate surge.”

And experts say prices are forecast to continue appreciating, just at a more moderate pace moving forward. A recent article from Fortune says:

“. . . the swift move up in mortgage rates . . . doesn’t mean home prices are about to crash. In fact, every major real estate firm with a publicly released forecast model . . . still predicts home prices will climb further this year.”

What This Means for You

If you’re thinking about selling your house, you should know you have a great opportunity to list your home and capitalize on today’s home price appreciation. As prices rise, so does the value of your home, which gives your equity a big boost.

When you sell, you can use that equity toward the purchase of your next home. And at today’s record-level of appreciation, that equity may be enough to cover some (if not all) of your down payment.

Bottom Line

History shows rising mortgage rates have not had a negative impact on home prices. Now is still a great time to sell your house thanks to ongoing price appreciation. When you’re ready to find out how much equity you have in your current home and what’s happening with home prices in your local area, let’s connect.

703-242-3975 | Info@TheBeltTeam.com | Contact Us

Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!

817 Bernard St, Alexandria VA 22314 – Just Listed by The Belt Team!

Welcome to 817 Bernard St, Alexandria VA 22314…a beautifully updated 3 level end-unit townhome that has 3 bedrooms/3.5 baths, over 1,800 square feet of living space, a fabulous oversized yard and private one car driveway. Stand out owner improvements/updates include updated kitchen & baths, additional hardwood flooring on stairs & upper level, windows replaced, HVAC, interior doors, wet bar in lower level, washer/dryer, light fixtures, front gutters, landscaping, sprinklers and painting. All of this and more in an unbeatable location…close to ALL Old Town Alexandria amenities, easy travel/commute to Alexandria, The Pentagon & DC via Metro or bus…and Reagan National Airport is also very close by!  Don’t miss this your chance to make this wonderful property your next home!

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

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! 

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

Home Sale Statistics in Northern Virginia – April 2022

The April real estate market stats are in for Northern Virginia and sales were down but the market was up! Sales were down because inventory is still low but pricing continues to be very strong due to the large number of buyers still in the market.  

We are seeing a change in the market however…for the first time in a long time.  Continue watching Terry below to find out what that change is and what you should do if you are a buyer or seller. 

Here’s a look at all the April 2022 housing market stats for Northern Virginia and links to some of our hyper local markets.

Northern Virginia April 2022 home sales:

4,135 homes went under contract in the region. This is down 16% from the same time period in 2021.

84% of the homes that went to settlement in April 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $728,442 (up 10% from the same time period in 2021).

5,247 homes came on the market. That’s down 16% from April 2021.

• Homes that sold (closed) averaged 9 days on market, 3 days faster than in April of 2021.

• There is currently a 0.7 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 2,515 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained an aggressive Seller’s Market. Inventory increased again from the prior month but was down 14% year-over-year.  Average sold price was in line with March and up from 2021. 

If you are thinking of buying or selling this year, please reach out to The Belt Team and let us help you navigate this unprecedented market.

(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form

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

Vienna: April 2022 Home Sales

Oakton: April 2022 Home Sales 

McLean: April 2022 Home Sales 

Great Falls: April 2022 Home Sales 

Reston: April 2022 Home Sales 

Falls Church: April 2022 Home Sales 

Arlington: April 2022 Home Sales

Alexandria: April 2022 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!

Fairfax County FY 2023 Budget – FINAL APPROVAL

On Tuesday, May 10th, the Board of Supervisors gave its final approval for the FY 2023 budget (there were no changes since the approved budget markup on April 26th).

The final budget includes a three-cent reduction in the Real Estate Tax Rate, from $1.14 to $1.11 per $100 of assessed value. However, the average residential tax bill will increase by $465 (6.7%) due to the increase in residential real estate assessments (92% of Fairfax County residents saw their assessments go up!).

Note: the rate would have had to decrease to $1.0583 per $100 of assessed value to have kept real estate tax bills the same as the last year.

Click Here to see all the details on the FY 2023 budget.


If you have questions about your assessed value, the market value of your home or are thinking of buying or selling a home, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!

Your House Could Be Closer to List-Ready Than You Think

One of the biggest concerns for a homeowner looking to sell is the time they’ll have to put in before listing their house. If that’s the case for you, you should know – your home might be closer to list-ready than you think in today’s housing market. A survey of recent sellers from realtor.com finds that many were able to get their house ready in less than a month. It says:

“With many homeowners expecting a quick sale, and in many cases a lack of contingencies, the preparation process took less than a month for over 50% of home sellers this past year, with 20% completing it in less than two weeks.

Those sellers expecting to sell quickly are following recent buyer trends. With mortgage rates and home prices rising, buyers in today’s market are serious about finding a home quickly. But with the limited number of homes for sale, there are very few options for those buyers to choose from. That means many may be willing to take on projects after they purchase.

Because of this, you may be able to focus on less time-consuming tasks before putting your house on the market. According to the survey mentioned above, some of the top things recent sellers completed before listing over the past year include landscaping, making minor cosmetic updates, and touching-up paint (see image below):

Your House Could Be Closer to List-Ready Than You Think | MyKCM

A Real Estate Advisor Will Help Streamline the Process and Keep You Focused

Of course, each situation is different, and knowing what repairs or updates your house needs to stand out in your local area is critical. That’s where a trusted real estate professional comes in. In a recent article, NextAdvisor explains:

“. . . Real estate can be hyper-local, and demand can vary from one neighborhood to the next. It’s a good idea to work with a local real estate professional to determine an ideal listing price and if any improvements or repairs need to be completed before putting your home on the market.”

Your trusted real estate advisor knows the ins and outs of the market in your specific area. They’ll help you identify the places where you should and shouldn’t spend your time and money – and that can enable you to list quickly.

Bottom Line

If you’re ready to take advantage of the incredible conditions for sellers in today’s real estate market but are worried about the time it’ll take to get your home ready, you might be closer than you think. Let’s connect so you can see what you need to do before listing your house today.

703-242-3975 | Info@TheBeltTeam.com | Contact Us

Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!

Keller Williams Red Day 2022!

⏰THE COUNTDOWN TO RED DAY IS ON!!! ⏰

Since 2010, the Keller Williams McLean/Great Falls annual RED Day has consistently supported local charities with large annual contributions.

This year, our goal is $20,000. We are asking you to help us with a tax-deductible financial contribution.

Please consider a gift of any amount to help the Falls Church/McLean Children’s Center provide much-needed resources for their programs that prepare young children, particularly those in need, for school. Our KW Cares McLean/Great Falls fund will MATCH the first $10,000 donated.

Donate here! https://bit.ly/3fljTyq