Are We In A Buyer’s Market or A Seller’s Market In Northern VA?

Northern VA Real Estate Market Fluctuation

When we meet with our Buyers & Sellers for their initial consultation, one of the things we talk about is what’s happening nationally, regionally and locally in the real estate market – how much homes are selling for, what’s on the market, and how fast homes are selling. The question that comes up most often is “Are we in a Buyer’s Market or a Seller’s Market?”

First, let’s define the terms:

“Balanced Market”: is a real estate market where there is about 6 months of housing inventory. There is no real advantage to one side or the other.

“Buyer’s Market”: is a real estate market where there are more homes on the market than there are Buyers, so much so that Buyers have the upper hand in negotiating and can often get a deal. Typically, a “Buyer’s Market” is defined as more than 6 months of housing inventory.

“Seller’s Market”: is a real estate market where there are a plethora of Buyers and not many homes on the market. This means Sellers have the advantage and this is a market where we see competing offers on many homes. Typically, a “Seller’s Market” is defined as less than 3 months of housing inventory.

So where are we today in Northern VA?

(Search Homes For Sale in Northern VA On Our State-of-the-Art Search Site)

In most areas in Northern VA (Alexandria, Arlington, Ashburn, Burke, Centreville, Chantilly, Dunn Loring, Fairfax, Falls Church, Herndon, Reston, Springfield, Sterling & Vienna) – housing inventory is less than 2 months and we are in a Seller’s Market.

In Oakton, housing inventory is just under 3 months, which is technically also a Seller’s Market – but there are pockets – with some neighborhoods &  price ranges that are seeing a Balanced Market and others seeing a Seller’s Market.

In Great Falls & McLean, housing inventory is 6 months & 3 months respectively – so technically a Balanced Market. However, note that as you go up in price range, there are HUGE variances and some areas are actually still seeing a Buyer’s Market.

Here are the stats for each city in Northern VA:

CITY # Months Inventory Market
Alexandria 1.6 Seller’s
Arlington 1.8 Seller’s
Ashburn 2.8 Balanced
Burke 1.3 Seller’s
Centreville 1.1 Seller’s
Chantilly 1.3 Seller’s
Dunn Loring 2 Seller’s
Fairfax 1.1 Seller’s
Falls Church 1.5 Seller’s
Great Falls 6 Balanced
Herndon 1.8 Seller’s
McLean 3 Balanced
Oakton 2.5 Seller’s
Reston 1.3 Seller’s
Springfield 0.8 Seller’s
Sterling 1.2 Seller’s
Vienna 1.5 Seller’s

Call The Belt Team at (703) 242-3975 for a detailed analysis on YOUR neighborhood. After all, it’s only the area you live in or WANT to live in that matters!

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J.D. Power Announces Keller Williams Realty Ranks Highest In Overall Satisfaction For Home Buyers and Home Sellers Among National Full Service Real Estate Firms

One of the reasons The Belt Team affiliated with Keller Williams Realty four years ago was the fact that we put our clients first. It is important to us to be part of a company that not only cares about its clients, but gives their associates every possible tool to gain an advantage for our clients. At Keller Williams Realty, that comes in the form of technology, training and people. So when J.D. Power recently announced that Keller Williams Realty ranked highest among their competitors in terms of customer satisfaction with both home buyers and home sellers – we were thrilled. For us, this is an affirmation that we made a great decision – both for ourselves and more importantly – for our clients. Our mission at The Belt Team is to change lives for the better, one family at a time. And our affiliation with Keller Williams is key in that mission.

If you’re interested in buying or selling a home – OR if you’re interested in a career with Keller Williams Realty and in changing lives for the better – contact The Belt Team! Changing lives is life changing!

Here’s the full Press Release:

Keller Williams Realty Ranked “Highest in Customer Satisfaction Among Home Buyer and Seller Segments” by J.D. Power and Associates 

AUSTIN, TEXAS (August 16, 2012) — According to the J.D. Power and Associates 2012 Home Buyer/Seller Satisfaction StudySM released yesterday, Keller Williams Realty, Inc. ranks highest in customer satisfaction in both the homebuyer and home seller segments. Keller Williams Realty, Inc. achieved the highest scores in all measured factors across both segments, receiving the highest JDPower.com Power Circle RatingSMamong its competitors overall. 

“We are so proud to have our associates be recognized once again for leading the industry with the influence and reputations they have in their local communities. They continually demonstrate not only their level of talent, but their commitment to serving our communities with the utmost integrity and highest level of service,” Mark Willis, CEO of Keller Williams Realty, Inc., stated. “Congratulations to all Keller Williams Realty associates. They have certainly earned this prestigious distinction.” 

The fifth annual J.D. Power and Associates study measures customer satisfaction with the largest national real estate companies within the home buyer and seller segments. Scores are determined by examining three factors of the home-buying experience: agent/salesperson; office; and variety of additional services. For the home-selling segment, agent/salesperson; marketing; office; and variety of additional services are examined. 

J.D. Power and Associates stated, “[The uncertain economic times] present a challenge for the real estate companies to really work closely with the customers and really hold their hand through the entire process to make them feel more comfortable in the decisions. Keller Williams has set itself apart by performing high in all the areas that are most important to customers specifically with the agent, the offices, and the services that they provide.” 

“Our agents go above and beyond to help their clients at one of the most personal times in their lives – when they are buying or selling a home. We are incredibly honored and humbled that our associates have been recognized yet again for their incredible levels of service,” says Mary Tennant, President of Keller Williams Realty, Inc. 

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Disclaimer: Keller Williams received the highest numerical score among full service real estate firms for home buyers and home sellers in the proprietary J.D. Power and Associates 2012 Home Buyer/Seller StudySM. Study based on 2,994 total evaluations measuring five firms and measures opinions of individuals who bought or sold a home between March 2011 and April 2012. Proprietary study results are based on experiences and perceptions of consumers surveyed March-May 2012. Your experiences may vary. Visit jdpower.com 

About Keller Williams Realty, Inc.:

Founded in 1983, Keller Williams Realty, Inc. is the second-largest real estate franchise operation in the United States, with 675 offices and almost 77,000 associates across the globe. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. The company also provides specialized agents in luxury homes and commercial real estate properties. For more information, or to search for homes for sale, visit Keller Williams Realty online at (http://www.kw.com). Information about Keller Williams Realty’s international expansion can be found at (http://www.kwworldwide.com).