Home Sale Statistics in Our Area

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!  Below you will find the numbers for November 2019.

Not to sound like a broken record but…inventory continues to fall so NOW is still a great time to sell!  If you are thinking of selling or buying, contact us at (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

Mid-Atlantic Region November 2019 home sales:

21,038 homes went under contract in the region. This is up (19%) from the same time period in 2018.

31% of the homes that went to settlement in November 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $353,865 (up 6.3% from the same time period in 2018).

22,293 homes came on the market. That’s down 1.9% from November 2018.

• Homes that sold (closed) averaged 46 days on market, 5 days faster than in November of 2018.

• There is currently a 2.6 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 Mid Atlantic Region – and 59,542 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The overall market conditions in the region did not change significantly from October to November but note that the number of homes that went under contract and the number of homes to hit the market (this number is also down slightly from this time last year) decreased.

As you dig deeper into the numbers of some of our local market areas, you will find that the market has slowed and inventory has dropped significantly in some segments.  We also continue to see that the upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points are seeing appreciation, there is less inventory and homes are selling much faster.  

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

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

Home Sale Statistics in Our Area – October 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!  Below you will find the numbers for October 2019.

With inventory remaining low…it’s still a great time to sell!  If you are thinking of selling or buying, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

BUYERS: Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.

SELLERS: Call The Belt Team at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.

25,068 homes went under contract in the region. This is up (17%) from the same time period in 2018.

32% of the homes that went to settlement in October 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $348,312 (up 5.6% from the same time period in 2018).

31,329 homes came on the market. That’s up 1.4% from October 2018.

• Homes that sold (closed) averaged 45 days on market, 3 days faster than in October of 2018.

• There is currently a 2.8 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 Mid Atlantic Region – and 65,914 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The overall market conditions in the region basically did not change significantly from September to October.

However, as you dig deeper into the numbers of our local market areas, you will find segments that are still experiencing somewhat different market conditions.  The upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points are seeing appreciation, there is less inventory and homes are selling much faster.  

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

*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. 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!

FREE online estimate of what your home is worth.

Home Sale Statistics in Our Area – September 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!  Below you will find the numbers for September 2019.

With inventory remaining low…it’s still a great time to sell!  If you are thinking of making a move, contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market and can provide you with all the information you need.

24,430 homes went under contract in the region. This is up (22%) from the same time period in 2018.

31% of the homes that went to settlement in September 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $344,333 (up 5.4% from the same time period in 2018).

32,291 homes came on the market. That’s up 6.6% from September 2018.

• Homes that sold (closed) averaged 45 days on market, 12 days faster than in September of 2018.

• There is currently a 2.9 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 Mid Atlantic Region – and 67,882 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The overall market conditions in the region did not change significantly in September but some things to note… compared to the same time period last year, there was a 22% increase in the number of homes that went under contract and the average days on market is down 23%.  Now, let’s take a look at some of our local markets and see what their numbers look like.

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

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

You Need More Than a Guide. You Need a Sherpa.

You Need More Than a Guide. You Need a Sherpa. | MyKCM

In a normal housing market, whether you’re buying or selling a home, you need an experienced guide to help you navigate the process. You need someone you can turn to who will tell you how to price your home correctly right from the start. You need someone who can help you determine what to offer on your dream home without paying too much or offending the seller with a low-ball offer.

We are, however, in anything but a “normal market” right now. The media is full of stories about an impending recession, a trade war with China, and constant political upheaval. Each of these potential situations could dramatically impact the real estate market. To successfully navigate the landscape today, you need more than an experienced guide. You need a ‘Real Estate Sherpa.’

A Sherpa is a “member of a Himalayan people living on the borders of Nepal and Tibet, renowned for their skill in mountaineering.” Sherpas are skilled in leading their parties through the extreme altitudes of the peaks and passes in the region – some of the most treacherous trails in the world. They take pride in their hardiness, expertise, and experience at very high altitudes.

They are much more than just guides.

This is much more than a normal real estate market.

The average guide just won’t do. You need a ‘Sherpa.’ You need an expert who understands what is happening in the market and why it is happening. You need someone who can simply and effectively explain it to you and your family. You need an expert who will guarantee you make the right decision, even in these challenging times.

Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.” 

Bottom Line

Hiring an agent who has a finger on the pulse of the market will make your buying or selling experience an educated one.

Call The Belt Team at 703-242-3975 and talk to one of our experienced agents. We have been in business for over 50 years and have closed over $1 Billion in real estate transactions.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

How Does the Supply of Homes for Sale Impact Buyer Demand?

How Does the Supply of Homes for Sale Impact Buyer Demand? | MyKCM

More good real estate supply and demand stats from our friends at Keeping Current Matters…

The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”

How Does the Supply of Homes for Sale Impact Buyer Demand? | MyKCM

The darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is now very strong; only 2 of the 50 states have a ‘weak’ demand. Overall, buyer demand is slightly lower than this time last year but remains strong.

Seller Supply 

The index also asked: “How would you rate seller traffic in your area?”

How Does the Supply of Homes for Sale Impact Buyer Demand? | MyKCM

As the map shows, 18 states reported ‘weak’ seller traffic, 29 states and Washington, D.C. reported ‘stable’ seller traffic, and 3 states reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are looking for homes.

Bottom Line

Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in our market now.

Call The Belt Team at 703-242-3975 and talk to one of our experienced agents. We have been in business for over 50 years and have closed over $1 Billion in real estate transactions.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

What Is the Probability That Home Values Sink?

What Is the Probability That Home Values Sink?| MyKCM

Some interesting market info from Keeping Current Matters…

With the current uncertainty about the economy triggered by a potential trade war, some people are waiting to purchase their first home or move-up to their dream house because they think or hope home prices will drop over the next few years. However, the experts disagree with this perspective.

Here is a table showing the predicted levels of appreciation from six major housing sources:

What Is the Probability That Home Values Sink?| MyKCM

As we can see, every source believes home prices will continue to appreciate (albeit at lower levels than we have seen over the last several years). But, not one source is calling for residential real estate values to depreciate.

Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. There was not one state that even had a moderate probability of home prices lowering. In fact, 34 of the 50 states had a minimal probability.

What Is the Probability That Home Values Sink?| MyKCM

Bottom Line

Those waiting for prices to fall before purchasing a home should realize that the probability of that happening anytime soon is very low. With mortgage rates already at near historic lows, now may be the time to act.

So call The Belt Team now at 703-242-3975 if you are thinking about buying a home for the first time or moving up to your dream home. We would love to put our experience and expertise to work for you!

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Home Sale Statistics in Our Area – August 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for August 2019.

With inventory remaining low…it’s still a great time to sell!  If you are thinking of making a move, contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market and can provide you with all the information you need.

26,051 homes went under contract in the region. This is up (16%) from the same time period in 2018.

30% of the homes that went to settlement in August 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $360,467 (up 4% from the same time period in 2018).

31,687 homes came on the market. That’s down just under 3% from August 2018.

• Homes that sold (closed) averaged 55 days on market, 1 day longer than in August of 2018.

• There is currently a 2.9 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 Mid Atlantic Region – and 65,258 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The overall market conditions in the region did not change significantly in August but let’s take a look at some of our local markets and see what their numbers look like.

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

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

5 Reasons to Sell This Fall

5 Reasons to Sell This Fall | MyKCM

Below are 5 compelling reasons listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

Many homeowners were reluctant to list their homes over the last couple years, for fear that they would not find a home to move to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to Ellie Mae’s latest Origination Insights Report, the time needed to close a loan is 43 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you’re planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that in the luxury or premium market.

According to CoreLogic, prices are projected to appreciate by 5.2% over the next year. If you’re moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

Call The Belt Team to get the selling process started…our agents & team use their local market knowledge and experience to make it a smooth process for all! 703-242-3975 / info@thebeltteam.com

Seniors Are on the Move in the Real Estate Market

Seniors Are on the Move in the Real Estate Market | MyKCM

Did you know August 21st is National Senior Citizens Day? According to the United States Census, we honor senior citizens today because,

 “Throughout our history, older people have achieved much for our families, our communities, and our country. That remains true today and gives us ample reason…to reserve a special day in honor of the senior citizens who mean so much to our land.

To give proper recognition, we’re going to look at some senior-related data in the housing industry.

According to the Population Reference Bureau,

The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent.”

Seniors Believe in Homeownership

Seniors Are on the Move in the Real Estate Market | MyKCM
Seniors Are on the Move in the Real Estate Market | MyKCM

In a recent reportFreddie Mac compared the homeownership rates of two groups of seniors: the Good Times Cohort (born from 1931-1941) and the Previous Generations (born in the 1930s). The data shows an increase in the homeownership rate for the Good Times Cohort because seniors are now aging in place, living longer, and maintaining a high quality of life into their later years.This, however, does not mean all seniors are staying in place. Some are actively buying and selling homes. In the 2019 Home Buyers and Sellers Generational Trends Report, the National Association of Realtors® (NAR) showed the percentage of seniors buying and selling:

Here are some highlights from NAR’s report:

  • Buyers ages 54 to 63 had higher median household incomes and were more likely to be married couples.
  • 12% of buyers ages 54 to 63 are first-time homebuyers, 5% (64 to 72), and 4% (73 to 93).
  • Buyers ages 54 to 63 purchased because of an interest in being closer to friends and families, job relocation, and the desire to own a home of their own.
  • Sellers 54 years and older often downsized and purchased a smaller, less expensive home than the one they sold.
  • Sellers ages 64 to 72 lived in their homes for 21 years or more.

Bottom Line

According to NAR’s report, 58% of buyers ages 64 to 72 said they need help from an agent to find the right home. The transition from a current home to a new one is significant to undertake, especially for anyone who has lived in the same house for many years.

If you’re a senior thinking about the process, let’s get together to help you make the move as smoothly as possible. Call or text The Belt Team at 703-242-3975 or email info@thebeltteam.com.