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!

205 Magnolia Ct, Sterling VA 20164 – Just Listed by The Belt Team!

Price, video & floor plan tours and LOTS more photos: 205 Magnolia Ct, Sterling VA 20164

Beautifully updated contemporary in quiet neighborhood in a prime Sterling location. Stand out features of this 3BR/2BA home includes family room with vaulted ceiling, large windows, wood-burning fireplace, eat-in kitchen with granite, stainless steel appliances, under cabinet and above cabinet lighting, overlook to family room, totally renovated baths, updated modern light fixtures, finished lower lever, 3-tiered deck with entrance from family room and kitchen to fenced in back yard, a large 2 car detached garage with an abundance of storage space, pulley system for ceiling hanging storage system, corner lot and so much more. Location is awesome, close to W&OD trail through neighborhood (no busy roads) and close proximity to route 28 and 267 make for quick commutes. Centrally located 6-7 minutes from most major shopping options in Sterling. Do not miss the opportunity to make this your next home!

Call Beth Dadisman & The Belt Team at (703)577-1144 for more details or to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 50 years and has sold over $1 Billion in transaction volume! (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

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

Why the Housing Market Is a Powerful Economic Driver

Interesting article from our friends at Keeping Current Matters on how real estate can positively impact the economic recovery…

Why the Housing Market Is a Powerful Economic Driver | MyKCM

With businesses starting to slowly open back up again in some parts of the country, it’s important to understand how housing can have a major impact on the recovery of the U.S. economy. As we’ve mentioned before, buying a home is a driving financial force in this process. Today, many analysts believe one of the first things we’ll be able to safely bring back is the home building sector, creating more jobs and impacting local neighborhoods in a big way. According to Robert Dietz in The Eye on Housing:

 “The pace of new home sales will post significant declines during the second quarter due to the impacts of higher unemployment and shutdown effects of much of the U.S. economy, including elements of the real estate sector in certain markets. However, given the momentum housing construction held at the start of 2020, the housing industry will help lead the economy in the eventual recovery.”

The National Association of Home Builders (NAHB) notes the impact new construction can have on the job market:

“Building 1,000 average single-family homes creates 2,900 full-time jobs and generates $110.96 million in taxes and fees for all levels of government to support police, firefighters and schools, according to NAHB’s National Impact of Home Building and Remodeling report.”

These employment opportunities, along with the home purchase, drive the economy in a major way. The National Association of Realtors (NAR) recently shared a report that notes the full economic impact of home sales. This report summarizes:

“The total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.”

Here’s the breakdown of how the average home sale boosts the economy:

Why the Housing Market Is a Powerful Economic Driver | MyKCM

As noted above in the circle on the right, the impact is almost double when you purchase new construction, given the sheer number of workers it requires to design, build, equip, and finalize the sale of the home. The NAHB paints a clear picture of these roles:

“The NAHB model shows that job creation through housing is broad-based. Building new homes and apartments generates jobs in industries that produce lumber, concrete, lighting fixtures, heating equipment and other products that go into a home remodeling project. Other jobs are generated in the process of transporting, storing and selling these products.
Additional jobs are generated for professionals such as architects, engineers, real estate agents, lawyers and accountants who provide services to home builders, home buyers and remodelers.”

The same NAR report also breaks down the average economic impact by state:

Why the Housing Market Is a Powerful Economic Driver | MyKCM

On an emotional level, what’s most important for today’s consumers to feel confident about is the safety component that goes into the process. Mitigating the risk of essential personnel at this moment in time is more crucial than ever as we all aim to reduce the spread of the coronavirus. Fortunately, the NAHB has put immense effort into a plan that prioritizes the health and safety of home builders and contractors:

“This is why NAHB and construction industry partners have developed a Coronavirus Preparedness and Response Plan specifically tailored to construction job sites. The plan is customizable and covers areas that include manager and worker responsibilities, job site protective measures, cleaning and disinfecting, responding to exposure incidents, and OSHA record-keeping requirements.”

Bottom Line

Buying a home is a substantial economic driver today, and when new construction picks back up again, it will be an even stronger recovery force throughout the country.

If you’re in a position to buy a home this year, you can have a significant impact on your local neighborhoods and safely make the move you’ve been waiting for. It’s a win-win. And remember to reach out to The Belt Team to help navigate your purchase (703-242-3975 | info@TheBeltTeam.com), and visit our state of the art website to set up your customized property search…www.BeltTeamRealEstate.com!

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.

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!

1512 Meadow Chase Dr, Herndon VA 20170 – Just Listed by The Belt Team!

Price, video & floor plan tours and LOTS more photos: 1512 Meadow Chase Dr, Herndon VA 20170

Beautiful, well maintained colonial in sought after Kingstream community. This home features 4BR/2.5BA, an open vaulted foyer, beautiful hardwood floors through the foyer, dining and living rooms, kitchen with granite, center island, ceramic tile floor and butler’s pantry, family room open to the kitchen with wood-burning fireplace and entry to an amazing screened-in porch. The huge master suite includes a renovated master bath with soaking tub and study off of the master bedroom. The full unfinished basement provides an abundance of storage and is plumbed for a bathroom. The back, multi-level deck overlooks a beautifully landscaped fenced yard with in-ground sprinkler system. Truly a must see!

Call Beth Dadisman & The Belt Team at (703)577-1144 for more details or to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 50 years and has sold over $1 Billion in transaction volume! (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

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).

The Belt Team is Here to Help!

Dear Belt Team Clients, Friends and Family, 

During this uncertain time, the world is definitely changing but the real estate market in our area is still active and moving. And…The Belt Team is still open for business! After being in business for over 50 years, we have been through challenging and unpredictable times before and we have learned the real estate market never drops to “zero”. Why? Because we work with people in the “traditional” market, meaning they have to buy and sell because of life changes. Even during this difficult time, that is not going to change. Housing is an essential need and we are here to help.  

We are well positioned to make the necessary modifications to accommodate the needs of our clients and business partners because of our extensive use of technology in our business as well as our years of experience. Along with implementing recommended sanitizing measures for in-person meetings, open houses, and showings, we are excited to be able to continue to offer virtual options for our services which we have been doing for certain people even before the Coronavirus arrived. We can conduct virtual buyer and seller consultations, virtual tours/open houses for our seller clients, virtual showings for our buyer clients, etc. As for our partners in the industry, mortgage and title companies, home inspectors, appraisers, contractors, photographers, etc.. .they are still operating and business is creatively being done. These companies are also taking all necessary precautions and adjusting as needed for their clients. We have great relationships with our lenders and title companies and are in touch with them daily to ensure that our clients are able to complete their transactions. 

Our local markets are still very healthy. The inventory of homes before now was so historically low and real demand for housing so high that we have not yet seen a negative impact on the housing market. Aggregate showing activity has decreased as those that are not buying now are not browsing as much; however, the real buyers who need housing now continue unabated and we continue to see a homes go under contract quickly. Bottom line, if you are needing/wanting to buy and/or sell we recommend acting NOW before things possibly change that affect available housing, access to housing, interest rates and loan qualifying criteria, and the unpredictable.  

We know there are going to be people that need to buy or sell because of life circumstances and these people have been the lifeblood of our business. So, if you or anyone you know fits this category, we would love to connect, share our market knowledge and create a customized strategy to make your real estate needs and dreams come true. You can reach us at Info@TheBeltTeam.com or 703-242-3975

And, of course, if there is anything non real estate related that we can do to help you through this time, please DO NOT hesitate to reach out.  

Please stay safe and healthy as we all look forward to the better times ahead!   

Terry, Gail, Beth, Patty and Sarina

The Belt Team