Median Days on Market – How Fast Are Homes Selling?

Days on Market State by State March to May 2015

If you’re wondering how fast homes are selling around the United States, here’s a great infographic from Keeping Current Matters.

Whether you’re a Buyer or a Seller, it’s important to know how quickly homes are selling in your neighborhood and/or the neighborhood you want to live in.

Why?

 

 

EXPECTATIONS:

Buyers – Knowing how quickly homes are selling tells you how quickly you need to react when you see a home you love. In some markets, homes are languishing for months. While in others, they are snapped up the day they hit the market. Taking a look at median number of days on market will help set your expectations so you don’t feel pressured.

Sellers – If you’re selling a home, the median days on market will give you an idea of how long you’ll need to keep your home in “showing condition”. It’s not easy to keep your house looking like a showroom. Knowing what the median time frame is helps with expectations of how long it will take your home to sell. (And note – if you are aiming to “push” pricing past what recent comps show – you’ll likely need to add time onto this estimate, and be aware that you may actually sell for less than if you had priced to where the market is.)

PRICING:

Buyers – You can use days on market as part of the criteria for determining what price to offer. If you see a property that has been on the market for a LONG time – it’s fair to assume you may want to offer something below list price – the longer the days on market, the lower the price. But if you’re making a lowball offer on a home that just hit the market – it’s unlikely the owner will accept your offer.

Sellers – Median days on market is one criteria you should consider in your pricing strategy. If you home has been on the market longer than the median number of days – you most likely need a price adjustment. (You may need to take other action – such as repairs or staging, but it’s highly likely a price adjustment is in order as well.)

Here are some of the local stats for days on market. How fast are homes selling in:

Median days on market is just ONE of many criteria Buyers and Sellers should consider. For a personalized consultation including ALL the criteria – contact Terry Belt & The Belt Team at (703) 242-3975. We’ll help you make the RIGHT move!

Homebuyers Are On Borrowed Time, Sellers Take Note

Buyers Market or Sellers Market

If you’re thinking of buying a home in 2015, you may want to do it sooner rather than later. Why is that? Well, according to Gary Keller, Chairman of the Board of the world’s largest real estate company, “Home buyers are on borrowed time.” Keller made this comment back in February at Keller Williams Realty’s annual gathering of top associates from around the world as part of his economic update.

In case you’re thinking the comment made by Keller may have been self-serving just to encourage urgency among potential homebuyers, you might be interested to know that the Federal Reserve’s moves last week seem to corroborate Keller’s statement. From The Washington Post on March 19th: “The Federal Reserve cleared the way Wednesday for raising interest rates for the first time since the financial crisis.” The Fed was clear that a rate hike is not immediate or even imminent, but they definitely opened the door for that to happen this year. And as we see the economy improve, we also believe this will happen.

CEO The Belt TeamTerry Belt, CEO of The Belt Team says he is “advising our serious buyers that NOW is the time to buy. Rising interest rates, combined with rising home values mean that buying later will equal lower affordability and much less house. It is for this reason that we are also advising Sellers to sell sooner rather than later. If and when interest rates rise, some home buyers will be priced out of the market. And while home values are projected to rise in 2015, the projected rise is very moderate – about 3%, as compared to the 11% rise we saw in some areas over the past few years.”

Today, we spoke with Christine Todd, CEO of the Northern VA Association of Realtors (the 11th largest association in the U.S.). She told us that housing inventory in Northern VA is at a five year low and that throughout Northern VA, inventory is at 2 months. Two months of inventory translates to a Seller’s Market. That puts Sellers in the driver’s seat – making now a fabulous time to sell. It also means that Buyers have less options and it make take more time to find your dream home. And unlike the Rolling Stones song “Time Is On My Side”, it may only be a matter of time before rates rise. Another reason why waiting may not be to your benefit.

Whether you’re buying or selling, there are challenges on both ends. Buyers seek guidance on getting through credit hurdles, loan approvals and financing options. They need advocates who can advise on how to best compete, what their options are and how to find homes not already on the market. They want the RIGHT home. And while it sounds good to be a Seller during a Seller’s market (and it is!) – you still want to make sure you don’t leave money on the table and that once you are under contract, your sale actually goes to closing. THIS is where a top notch Realtor makes a difference and why the number of people selling by owner has gone down year after year.

The Belt Team has navigated the Northern Virginia real estate market since 1973. We have serious, long-term, committed Realtors on our team who are here to educate, navigate and advocate for you. When you read our online reviews, we think you’ll soon see why it’s in your best interests to work with what we think is the best real estate team in Northern VA. Our mission statement is “Changing Lives For The Better”. If it’s time to change yours, give Terry Belt & The Belt Team a call at (703) 242-3975. It would be a pleasure for our family to help your family make the right move. And that right move just might be NOW!

Best Real Estate Agents in Northern Virginia

National Real Estate Update

Interest rates are on the rise. Find out what else is happening in the national real estate market in a quick minute!

Now that you know what’s happening in the macromarket, let’s take a look at the  hyperlocal markets. For stats on Northern Virginia communities – check The Belt Team’s community pages:

Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a FREE Buyer or Seller Consultation.

Falls Church Virginia: Buyer’s Market or Seller’s Market? How Long To Sell Your Home and Are Prices Rising?

If you’re looking to buy or sell real estate in Falls Church, VA in 2015, you may be wondering how long homes are on the market, whether prices are up or down and whether it’s a Buyer’s Market or Seller’s Market.

First, let’s look at what happened in 2014:

  • Average Days on Market: 40 days (up from 33 days in 2013)
  • Average Sold Price: $514,575 (up from $504,680 in 2013)
  • Average Sold Price as % of List Price: 97.7% (down from 98.3% in 2013)
  • Percent of Homes Sold in 10 Days or Less: 42%

Now, to get an even better sense of what’s happening in the real estate market, go to our web site for up-to-date Falls Church VA housing stats on the most recent month as compared to the five year average. This will indicate what the current trends are.

(Special Info For Sellers of Million Dollar Homes)

Call Terry Belt & The Belt Team at (703) 242-3975 if you would like to buy or sell in Falls Church, VA.