Best Time to Sell? When Competition Is at an All-Time Low

Best Time to Sell? When Competition Is at an All-Time Low | MyKCM

In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.

While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.

Bidding Wars Heating Up Again

With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:

“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

Bottom Line

If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.

Give us a call or shoot us an email if you want to discuss how we have been successfully navigating the current pandemic environment for our sellers…703-242-3975 | sales@thebeltteam.com.

Wondering what your home is worth? CLICK HERE for a free home valuation today!

The Belt Team was honored to be “Spotlighted” by Vibrant Vienna!

Vibrant Vienna talks to Terry about all things Vienna, real estate, reputation, experience and trust.  “If you don’t have that trust with people and they don’t have your word…you don’t have a business.” Watch the whole interview above or visit our YouTube page…www.YouTube/TheBeltTeam

Special thanks to Barry Schwartz @dunhillbuilders for letting us shoot at one of his gorgeous new homes!

And remember…NOW is the perfect time to buy and sell! If you have questions about the market or when’s the right time to act, give us a call and let our market knowledge and years of experience help guide you!

703-242-3975 | Info@TheBeltTeam.com | http://www.TheBeltTeam.com

Home Sale Statistics in Northern Virginia – May 2020

This pretty much sums up the current state of the market…

Prices are up.  New listings are down due to COVID-19.  Home sales are down because inventory is low.  Buyer demand is extremely high.  Interest rates remain historically low.  It is a Sellers market in most areas.  

Check out the details below…

Northern Virginia Region

3766 homes went under contract in the region. This is down (17.2%) from the same time period in 2019.

60% of the homes that went to settlement in May 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $574,102 (up 3.4% from the same time period in 2019).

3930 homes came on the market. That’s down 33.4% from April 2019.

• Homes that sold (closed) averaged 17 days on market, 1 day faster than in May 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 3,521 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market.  The number of homes that went under contract and that came on the market is again significantly lower year-over-year…expected given the current Coronavirus environment.    And, the homes that are listed continue to sell quickly and inventory across the area remains low.

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: May 2020 Home Sales

Oakton: May 2020 Home Sales 

McLean: May 2020 Home Sales 

Great Falls: May 2020 Home Sales 

Reston: May 2020 Home Sales 

Falls Church: May 2020 Home Sales 

Arlington: May 2020 Home Sales 

Alexandria: May 2020 Home Sales  

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

WHat Is My Home Worth

Update! Real Estate Property Tax to Remain Unchanged in Fairfax County

On May 12th, the Fairfax County Board of Supervisors approved the Fiscal Year 2021 budget.   They chose to keep spending levels the same as the FY 2020 budget because of the impact of the coronavirus pandemic. 

In April, a revised budget was proposed from the original presented in February (which included a 3% increase in Real Estate Tax rate) which took into consideration the effects of COVID-19 on the economy.  The FY 2021 budget approved this month has a Real Property Tax Rate of $1.15 per $100 of assessed value…the same rate in the FY 2020 Budget.  So, the current tax rate will also not change through the rest of this calendar year.

Click here to read the full FY 2021 Adopted Budget Package.

Current market conditions during COVID-19 are very similar to PRE-COVID-19…it still pays to be a seller, and buyers in many cases are still competing with multiple offer situations for homes priced correctly. But there remains opportunities for sellers AND purchasers given the historically low interest rates.

The Belt Team has been successfully and safely navigating the COVID-19 market for our buyer and seller clients this spring. So, if you need to sell your home, contact us NOW (703-242-3975) 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! 

Click here for an INSTANT online estimate of your home’s market value. Then give us a call at 703-242-3975 for a detailed, personalized review. We’re happy to assist will ALL of your real estate needs!

Home Sale Statistics in Our Area – April 2020

The housing market in Northern Virginia remains very healthy, but different.  The volume of the market has temporarily shrunk because many sellers have postponed putting their home on the market because of COVID-19. Inventory of new homes on the market significantly decreased in April by between 25-50 plus percent in all sub markets where we work. 

The market needs more inventory and if we had that there would be more sales because of continued high demand.  The current situation is resulting in positive pricing pressure with values increasing in many sub markets and in the more affordable price ranges below $1,000,000. 

Current market conditions during COVID-19 are very similar to PRE-COVID-19…it still pays to be a seller, and buyers in many cases are still competing with multiple offer situations for homes priced correctly.  There remains opportunities for sellers AND purchasers given the historically low interest rates.

Northern Virginia Region

2,960 homes went under contract in the region. This is down (35.2%) from the same time period in 2019.

75% of the homes that went to settlement in April 2020, sold in 10 days or less from when they hit the market.

• Average sold price was $598,511 (up 7.6% from the same time period in 2019).

3,755 homes came on the market. That’s down 33.8% from April 2019.

• Homes that sold (closed) averaged 14 days on market, 6 days faster than in April 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 Mid Atlantic Region – and 3,843 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market.  The number of homes that went under contract and that came on the market decreased significantly year-over-year…expected given the current Coronavirus environment.    However, the homes that are listed are selling quickly and inventory across the area remains low.

The Belt Team has been successfully and safely navigating the COVID-19 market for our buyer and seller clients. So, if you need to sell your home, contact us NOW (703-242-3975) 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: April 2020 Home Sales

Oakton: April 2020 Home Sales 

McLean: April 2020 Home Sales 

Great Falls: April 2020 Home Sales 

Reston: April 2020 Home Sales 

Falls Church: April 2020 Home Sales 

Arlington: April 2020 Home Sales 

Alexandria: April 2020 Home Sales  

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

WHat Is My Home Worth

Doing Real Estate Safely

The Belt Team has been hard at work adapting to today’s new realities in the real estate market. Thanks to our wonderful technology partners, we are still able to help people in these uncertain times.

If you or anyone you know needs to buy or sell a home but are not sure how to proceed at this time, please click the link below to see how our team has created a safe and effective strategy to help you to accomplish your real estate goals – SAFELY – whether buying a home, selling a home, or both.

https://thebeltteam.com/safety

Then give us a call to discuss your specific real estate needs – 703-242-3975!

Home Sale Statistics in Our Area – March 2020

The March numbers are in and they show a very strong and healthy housing market in our area even with COVID-19.   Buyer demand continues to outstrip housing supply and homes are selling extremely quickly and in many cases with multiple offers above asking prices. 

The story going forward farther into the Spring we believe will be continued purchaser demand and a decrease or flattening in supply of available homes as Sellers are delaying plans to put their home on the market pending the ongoing COVID-19 situation.  (Historically at this time of year we experience a spike in supply.) This will favor active Sellers because of less competition and buyers will continue to need to be pre approved for financing and be ready to act quickly.

Many people still need and want to buy and sell and our industry continues to adjust how we do business to safely and successfully serve the needs of all.  Real estate continues to be a bright spot in our local economy.

Mid-Atlantic Region

25,436 homes went under contract in the region. This is down (8.1%) from the same time period in 2019.

40% of the homes that went to settlement in March 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $367,571 (up 8.8% from the same time period in 2019).

32,161 homes came on the market. That’s down 12% from March 2019.

• Homes that sold (closed) averaged 49 days on market, 6 days faster than in March of 2019.

• There is currently a 2.0 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 Mid Atlantic Region – and 47,249 homes for sale (townhouse, condo and single-family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  As expected given the current Coronavirus pandemic, the number of homes that went under contract and came on the market were down 8.1% and 12% respectively from the same time period last year. 

So, if you need to sell your home, contact us NOW (703-242-3975) 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 to help you navigate this type of market 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: March 2020 Home Sales

Oakton: March 2020 Home Sales 

McLean: March 2020 Home Sales 

Great Falls: March 2020 Home Sales 

Reston: March 2020 Home Sales 

Falls Church: March 2020 Home Sales 

Arlington: March 2020 Home Sales 

Alexandria: March 2020 Home Sales  

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

Home Sale Statistics in Our Area – February 2020

Record low supply of homes and strong buyer demand continues to drive the sellers’ market!  So, if you are thinking of selling, contact us NOW (703-242-3975)to take advantage of this market!  If you are thinking of buying a home, it is very important to work with an experienced agent to help you navigate this type of market and make your home buying dreams come true!  Use the links at the end to see the details by submarket.

Mid-Atlantic Region

25,547 homes went under contract in the region. This is up (26.6%) from the same time period in 2019.

31% of the homes that went to settlement in February 2020, sold in 10 days or less from when they hit the market.  

• Average sold price was $348,114 (up 8% from the same time period in 2019).

28,706 homes came on the market. That’s up 8.8% from February 2019.

• Homes that sold (closed) averaged 55 days on market, 6 days faster than in February of 2019.9.

• There is currently a 2.0 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 Mid Atlantic Region – and 47,701 homes for sale (townhouse, condo and single-family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s MarketActivity picked up again in February…the number of homes that came on the market and that went under contract increased across the region.  Inventory continues to be low with the months supply of homes remaining the same. 

Buyers and Sellers…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.

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

Vienna: February 2020 Home Sales

Oakton: February 2020 Home Sales 

McLean: February 2020 Home Sales 

Great Falls: February 2020 Home Sales 

Reston: February 2020 Home Sales 

Falls Church: February 2020 Home Sales 

Arlington: February 2020 Home Sales 

Alexandria: February 2020 Home Sales  

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

Historically Low Mortgage Rates!

Another update from Terry…mortgage rates did drop yesterday so we’re now looking at historically low numbers! Something everyone should consider…buyers, sellers, homeowners not looking to make a move. Take a listen and give us a call 703-242-3975!

Fed’s Emergency Rate Cut 3/3/20…What Does It Mean For Mortgage Rates?

Wondering if the recent emergency interest rate cut by the Feb will affect mortgage rates/the real estate market? Our CEO, Terry Belt, shares his industry knowledge and addresses questions he’s been getting today.

And as always, feel free to reach out to The Belt Team to discuss selling your home or help you find your new house. 703-242-3975