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).

Home Sale Statistics in Northern Virginia – September 2020

The Northern Virginia real estate market continues to be strong, however the issue of low inventory continues for buyers (although some hyper local areas in our region experienced a double-digit increase in number of homes coming on the market in September).  We are also seeing an upward pressure on home prices due to the inventory shortage and many areas are experiencing a substantial price increase year-over-year. 

We’ve said it before and we’ll say it again…if you are someone thinking of selling your home in the near future, now is the time…buyer demand is still high and supply is low. 

Northern Virginia September 2020 home sales:

4,018 homes went under contract in the region. This is up (24%) from the same time period in 2019.

66% of the homes that went to settlement in September 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $617,286 (up 13% from the same time period in 2019).

4,998 homes came on the market. That’s up 27% from September 2019.

• Homes that sold (closed) averaged 18 days on market, 15 days faster than in September of 2019.

• There is currently a 1.1 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 3,531 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market. Market activity in the region continued to be up year-over-year, however the number of homes that went under contract decreased a bit from August.  Inventory, on the other hand, was up 11% in September compared to August but we are still experiencing an inventory shortage 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: September 2020 Home Sales

Oakton: September 2020 Home Sales 

McLean: September 2020 Home Sales 

Great Falls: September 2020 Home Sales 

Reston: September 2020 Home Sales 

Falls Church: September 2020 Home Sales 

Arlington: September 2020 Home Sales 

Alexandria: September 2020 Home Sales  

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

How Low Inventory May Impact the Housing Market This Fall

How Low Inventory May Impact the Housing Market This Fall | MyKCM

Real estate continues to be called the ‘bright spot’ in the current economy, but there’s one thing that may hold the housing market back from achieving its full potential this year: the lack of homes for sale.

Buyers are actively searching for and purchasing homes, looking to capitalize on today’s historically low interest rates, but there just aren’t enough houses for sale to meet that growing need. Sam Khater, Chief Economist at Freddie Mac, explains:

Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity…However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.”

According to the National Association of Realtors (NAR), right now, unsold inventory sits at a 3.1-month supply at the current sales pace. To have a balanced market where there are enough homes for sale to meet buyer demand, the market needs inventory for 6 months. Today, we’re nowhere near where that number needs to be. If the trend continues, it will get even harder to find homes to purchase this fall, and that may slow down potential buyers. Danielle Hale, Chief Economist at realtor.com, notes:

“The overall lack of sustained new listings growth could put a dent in fall home sales despite high interest from home shoppers, because new listings are key to home sales.”

How Low Inventory May Impact the Housing Market This Fall | MyKCM

The realtor.com Weekly Recovery Report keeps an eye on the number of listings coming into the market (houses available for sale) and the total number of listings staying in the market compared to the previous year (See graph below):Buyers are clearly scooping up homes faster than they’re being put up for sale. The number of total listings (the orange line) continues to decline even as new listings (the blue line) are coming to the market. Why? Javier Vivas, Director of Economic Research at realtor.com, notes:

“The post-pandemic period has brought a record number of homebuyers back into the market, but it’s also failed to bring a consistent number of sellers back. Homes are selling faster, and sales are still on an upward trend, but rapidly disappearing inventory also means more home shoppers are being priced out. If we don’t see material improvement to supply in the next few weeks, we could see the number of transactions begin to dwindle again even as the lineup of buyers continues to grow.”

Does this mean it’s a good time to sell?

Yes. If you’re thinking about selling your house, this fall is a great time to make it happen. There are plenty of buyers looking for homes to purchase because they want to take advantage of low interest rates. Realtors are also reporting an average of 3 offers per house and an increase in bidding wars, meaning the demand is there and the opportunity to sell for the most favorable terms is in your favor as a seller.

Bottom Line

If you’re considering selling your house, this is the perfect time for us to connect so we can talk about how you can benefit from the market trends in our area. You can reach us via email (info@TheBeltTeam.com) | phone (703)242-3975 | or Click Here to send us a message. Hope to hear from you soon!

Home Sale Statistics in Northern Virginia – August 2020

Summer/Fall is STILL the new Spring!  August was very similar to July in the Northern Virginia housing market but activity was still up significantly compared to August of 2019. 

And, the same trends continue…low inventory, upward pressure on home prices, hyper competitive for buyers, and low interest rates…see the details below.

See the details below for Northern Virginia and links at at the bottom of the page for hyper local markets.

Northern Virginia August 2020 home sales:

4,449 homes went under contract in the region. This is up (35%) from the same time period in 2019.

68% of the homes that went to settlement in August 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $602,674 (up 10% from the same time period in 2019).

4,675 homes came on the market. That’s up 22% from July 2019.

• Homes that sold (closed) averaged 16 days on market, 8 days faster than in August of 2019.

• There is currently a 1.0 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 3,181 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market. Market activity in the region continued to be up significantly year-over-year in August…Summer/Fall is the new Spring!  However, inventory dropped again and remains an issue for buyers. 

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: August 2020 Home Sales

Oakton: August 2020 Home Sales 

McLean: August 2020 Home Sales 

Great Falls: August 2020 Home Sales 

Reston: August 2020 Home Sales 

Falls Church: August 2020 Home Sales 

Arlington: August 2020 Home Sales 

Alexandria: August 2020 Home Sales  

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

Home Sale Statistics in Northern Virginia – July 2020

July is the new Spring in 2020!  Traditionally April and May are the busy months in real estate, but because of the COVID-19 epidemic, this year July came in like a lion in many of our local markets.

That said, July continued with low inventory (although new listings are up compared to this time last year), upward pressure on home prices, hyper competitive for buyers, and low interest rates. 

See the details below for Northern Virginia and links at at the bottom of the page for hyper local markets.

Northern Virginia July 2020 home sales:

4,356 homes went under contract in the region. This is up (16.4%) from the same time period in 2019.

63% of the homes that went to settlement in July 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $616,564 (up 11.6% from the same time period in 2019).

5,221 homes came on the market. That’s up 23% from July 2019.

• Homes that sold (closed) averaged 19 days on market, 3 days faster than in July of 2019.

• There is currently a 1.1 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 3,490 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market.  Market activity continued to increase in July…number of homes that came on the market went up from June and the same time period last year.  Low inventory remains to be an issue however (down 34% from this time last year) in many areas creating competition for buyers. 

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: July 2020 Home Sales

Oakton: July 2020 Home Sales 

McLean: July 2020 Home Sales 

Great Falls: July 2020 Home Sales 

Reston: July 2020 Home Sales 

Falls Church: July 2020 Home Sales 

Arlington: July 2020 Home Sales 

Alexandria: July 2020 Home Sales  

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

The Belt Team Receives Washingtonian’s 2020 Best Real Estate Agents and Top Producers Honor

The Belt Team is so honored to have made this list once again in 2020! Thank you to all of our amazing clients, friends and family who give us your love and support that make this all possible.

Team work makes the dream work!

Click here to learn more about the history of our team and our top notch team members!

Home Sale Statistics in Northern Virginia – June 2020

It’s Ground Hog day in July and the market mirrors the weather- HOT!

The Northern Virginia housing market continues the same trends we have been experiencing.  Extremely low inventory, upward pressure on home prices, hyper competitive for buyers, and low interest rates.  

See the details below…

Northern Virginia June 2020 home sales:

4,393 homes went under contract in the region. This is up (9.1%) from the same time period in 2019.

57% of the homes that went to settlement in June 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $581,783 (up 3% from the same time period in 2019).

4,536 homes came on the market. That’s down 2.6% from June 2019.

• Homes that sold (closed) averaged 19 days on market, the same as in June of 2019.

• There is currently a 1.1 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 3,207 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market.  Market activity continued to increase in June…number of homes that came on the market and went under contract increased from May.  And the number of contracts is up from the same time last year.  However, the issue of low inventory (down 42% from this time last year) remains creating an aggressive seller’s market and competition for buyers.

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 make your home buying dreams come true! 

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

Vienna: June 2020 Home Sales

Oakton: June 2020 Home Sales 

Great Falls: June 2020 Home Sales 

Reston: June 2020 Home Sales 

Falls Church: June 2020 Home Sales 

Arlington: June 2020 Home Sales 

Alexandria: June 2020 Home Sales  

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

Algae, Seepage and Leaking…OH MY!

Terry sits down with NV Roofing’s CEO, John Francis, and gets some valuable advice on roof damage and replacement.

We want to hear from YOU! Comment below with any questions for John and tell us what expert you would like us to feature next!!

Or, if you have a question for Terry, real estate related or not, please don’t hesitate to contact him at 703-242-3975 or info@thebeltteam.com.

Sit down with Terry Belt Part 1 – How has the current environment changed your business?

Part 1 of Krissy O’Malley’s sit down with Terry Belt! Terry shares more of his wisdom on the state of the current real estate market and answers questions Krissy and others have.

Stay tuned for Part 2 of their talk along with more valuable and fun content from The Belt Team!

If you have a question for Terry, real estate related or not, please don’t hesitate to contact him at 703-242-3975 or info@thebeltteam.com.