Winter Will Bring a Flurry of Activity to the Housing Market

Winter Will Bring a Flurry of Activity to the Housing Market | MyKCM

In the second half of this year, the housing market surged with activity. Today, real estate experts are looking ahead to the winter season and the forecast is anything but chilly. As Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), notes:

“It will be one of the best winter sales years ever.”

The typical winter slowdown in the housing market is simply not on the radar. Here’s why.

While today’s historically low mortgage rates are expected to remain low, they won’t be this low for much longer. This could be the last chance for homebuyers to secure such low rates, and they’re ready to take action. In a recent article, Bankrate explained:

“If you’re looking to buy a home…expect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has rebounded.”

As long as we continue to see low interest rates, we’ll see hopeful buyers on the hunt for their dream homes. Yun confirmed:

“The demand for home buying remains super strong…And we’re still likely to end the year with more homes sold overall in 2020 than in 2019…With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”

The challenge, however, is the lack of homes available for sale. With that in mind, all eyes are on homeowners to see if they’ll sell this winter or wait until spring. Danielle Hale, Chief Economist for realtor.com, says it’s best for sellers to capitalize on this moment sooner rather than later:

“We currently see buyers sticking around in the housing market much later than we usually do this fall. If that trend continues, we will see more buyers in the market this winter, too. So, this winter is likely to be a good time to sell.”

With buyers ready to stay active this winter, sellers who want to close a deal on the best possible terms shouldn’t wait until spring to put their homes on the market.

Bottom Line

Experts agree the winter housing market could potentially be bigger than ever. Whether you’re ready to buy or sell, let’s connect today so you can be in your dream home by the new year. (703) 242-3975 | info@TheBeltTeam.com

Wondering what your home is worth? CLICK HERE to find out!

Home Sale Statistics in Northern Virginia – October 2020

The Fall real estate market has lost no steam in the region as strong buyer demand continues unabated.  Usually the fall market brings a seasonal slow down; however, this year for the first time since the peak of the last real estate cycle over a decade ago, sales  increased in October over September.  Inventory increased, but was quickly absorbed and prices continue to go up in most areas for detached homes.

We are not seeing any change in market conditions as it continues to be a strong sellers market and hyper competitive for buyers especially in the median price ranges.  Homes that are priced attractively and in good condition attract multiple offers and price escalations.  In contrast we are starting to see the condo supply and days on market increase in the closer in more urban submarkets and will have to watch this trend.  Compared to the last “Bull” market it is interesting to note that homes that are mispriced and/or in poor condition will sit on the market.  Over all it remains a fantastic time to sell as fall progresses with less competition and very healthy demand.  

Northern Virginia October 2020 home sales:

3,929 homes went under contract in the region. This is up 32% from the same time period in 2019.

67% of the homes that went to settlement in October 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $604,824 (up 11% from the same time period in 2019).

4,916 homes came on the market. That’s up 35% from October 2019.

• Homes that sold (closed) averaged 16 days on market, 11 days faster than in October 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 Northern Virginia – and 3,864 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market. Market activity, and prices, in the region continued to be up year-over-year. Sales were up compared to last month and inventory increased again in the region in October but we are still experiencing an inventory shortage (inventory in some our hyper local market actually went down during the month) which is putting upward pressure on home prices. 

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 has experience in this competitive market. So give us a call!

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

Vienna: October 2020 Home Sales

Oakton: October 2020 Home Sales 

McLean: October 2020 Home Sales 

Great Falls: October 2020 Home Sales 

Reston: October 2020 Home Sales 

Falls Church: October 2020 Home Sales 

Arlington: October 2020 Home Sales 

Alexandria: October 2020 Home Sales  

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

1855 Foxstone Dr, Vienna VA 22182 – Just Listed by The Belt Team!

Price, features and LOTS more photos: 1855 Foxstone Dr, Vienna VA 22182

Welcome to 1855 Foxstone Drive…a delightful, appealing colonial split style home in the sought after community of Foxstone. This home is located across the street from Foxstone Park and walking distance to the Creek and the Town of Vienna! The light-filled house features 5BR/2.5BAs and is loaded with updates done by the current owner. Stand out features include hardwood floors mostly throughout, striking kitchen with large island, stainless steel appliances, and gas cooking, impressive private primary bedroom suite with sitting room and gas fireplace, 4 additional bedrooms on upper level, carpeted lower level family room with gas fireplace, oversized 2-car attached garage, back deck and gorgeous landscaping. All of this and more in an unbeatable Vienna location…great commuter options, close to Tysons and fabulous schools!

Call Terry Belt & The Belt Team at (703) 242-3975 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!

20790 Duxbury Terrace, Ashburn VA 20147 – Just Listed by The Belt Team!

Price, features and LOTS more photos: 20790 Duxbury Terrace, Ashburn VA 20147

Welcome home to this stunning 4 bedroom/3.5 bath end-unit townhome built by NV Homes! This Energy Star Certified, light-filled property features over 3,200 square feet of living space on 4 finished levels and is in the heart of Loudoun County…One Loudoun. Standout features include gorgeous hardwoods and an open floorplan on the Main Level, a Chef’s eat-in kitchen (open to the living & family rooms) with granite, stainless steel appliances, large island with breakfast bar and gas cooking, a spacious primary bedroom with tray ceiling, 2 large walk-in closets and an attached bath with double sinks and an oversized walk-in shower with 2 built-in benches, and a versatile 4th level with full bath and huge walk-in closet that can be used as a guest/in-law/au pair suite, home office, entertainment area…the possibilities are endless! The lower level features an additional flexible living space and is plumbed for a full bath. Enjoy the outdoors on one of the homes 2 balconies (one off the main level family room and the 2nd is accessed through the 4th floor). You will also appreciate the attached 2-car garage and private driveway for extra parking. And the One Loudoun community amenities…access to The Club at One Loudoun – a rec facility with basketball court, meeting rooms, outdoor multipurpose court, tennis courts, outdoor pool, sports field and more! All of this located in One Loudoun, an area of many shops, dining and entertainment options, more than 100 acres of parks, trails and other outdoor amenities, and convenient to many commuter options including Route 7, Loudoun County Parkway and Dulles International Airport.

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!)  Let our experience work for you!!

Home Sale Statistics in Northern Virginia – September 2020

The Northern Virginia real estate market continues to be strong, however the issue of low inventory continues for buyers (although some hyper local areas in our region experienced a double-digit increase in number of homes coming on the market in September).  We are also seeing an upward pressure on home prices due to the inventory shortage and many areas are experiencing a substantial price increase year-over-year. 

We’ve said it before and we’ll say it again…if you are someone thinking of selling your home in the near future, now is the time…buyer demand is still high and supply is low. 

Northern Virginia September 2020 home sales:

4,018 homes went under contract in the region. This is up (24%) from the same time period in 2019.

66% of the homes that went to settlement in September 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $617,286 (up 13% from the same time period in 2019).

4,998 homes came on the market. That’s up 27% from September 2019.

• Homes that sold (closed) averaged 18 days on market, 15 days faster than in September 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 3,531 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market. Market activity in the region continued to be up year-over-year, however the number of homes that went under contract decreased a bit from August.  Inventory, on the other hand, was up 11% in September compared to August but we are still experiencing an inventory shortage which is putting upward pressure on home prices.

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 has experience in this competitive market. So give us a call!

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

Vienna: September 2020 Home Sales

Oakton: September 2020 Home Sales 

McLean: September 2020 Home Sales 

Great Falls: September 2020 Home Sales 

Reston: September 2020 Home Sales 

Falls Church: September 2020 Home Sales 

Arlington: September 2020 Home Sales 

Alexandria: September 2020 Home Sales  

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

The #1 Reason Not to Wait to List Your House for Sale

Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them.

Mark Fleming, Chief Economist for First American, just reported:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say:

“Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.”

There Is One Big Challenge

Purchaser demand is so high, the market is running out of available homes for sale. Just last week, realtor.com reported:

“Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory.”

The National Association of Realtors (NAR) revealed that, while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically. Below is a graph of existing inventory (September numbers are not yet available):

The #1 Reason Not to Wait to List Your House for Sale | MyKCM

Homebuilders are increasing construction, but they cannot keep up with the high demand. Bill McBride, founder of the Calculated Risk blog, in discussing inventory of newly constructed houses, notes:

“The months of supply decreased to 3.3 months…This is the all-time record low months of supply.”

What does this mean for sellers?

Anyone thinking of putting their home on the market should not wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.

Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell.

Bottom Line

Contact The Belt Team today to get your house on the market at this optimal time to sell. Let our 50+ years of experience work for you! Info@TheBeltTeam.com | 703-242-3975 | www.TheBeltTeam.com

Wondering what your more is worth? Click below to be taken to our free home valuation site to find out!

Pumpkin Patches near Vienna VA

Ready to head out and find that perfect pumpkin? Our friends at the patch.com have compiled a list of favorite pumpkin patches in and near the Vienna area that are open for business! See the list below and let us know in the comments if you have any to add. Oh how we love fall in Virginia….

DePaul’s Urban Farm, 2599 Chain Bridge Road, Vienna, VA

Hours: Daily from 10 a.m. to 5 p.m.

Reston Farms Garden Market Fall Fest, 10800 Baron Cameron Avenue, Reston, VA

Hours: Fridays, Saturdays and Sundays, Sept. 25 to Nov. 1, timed tickets at 9 a.m., 11 a.m., 1 p.m., 3 p.m. and 5 p.m.

Meadows Farms Nurseries, 10618 Leesburg Pike, Vienna VA

Hours: 8 a.m. to 7 p.m. Monday through Saturday and 9 a.m. to 6 p.m. on Sunday. No fall festival this year, but a pumpkin patch is offered during operating hours.

Merrifield Garden Center, 8132 Lee Highway, Falls Church, VA or 12101 Lee Highway, Fairfax, VA

Hours: 8 a.m. to 7 p.m. Monday through Saturday and 8 a.m. to 6 p.m. Sunday

Krop’s Crops, 11110 Georgetown Pike, Great Falls, VA

Hours: Daily from 10 a.m. to 6 p.m. in shop; walk-in hayrides to pumpkin patch weekends in October from 11 a.m. to 4 p.m.

Cox Farms, 15621 Braddock Rd, Centreville, VA 20120

Hours: Fall festival is canceled this year. A drive-thru market is open from Sept. 25 to Oct. 31 from 10 a.m. to 6 p.m. and Nov. 1 to 2 from10 a.m. to 5 p.m. Sales are online only.

6364 Brampton Ct, Alexandria VA 22304- Just Listed by The Belt Team!

Price, features and LOTS more photos: 6364 Brampton Ct, Alexandria VA 22304

6364 Brampton Ct is a captivating updated townhome on a non-through street in the sought-after, picturesque community of Landmark Mews, located inside the Beltway. It features 4 bedrooms, 2 full and 2 half baths on 4 levels of finished living space. Standout features of this move-in ready, 3,000+ sq.ft. property include newly refinished hardwood floors (2020) on the main and fourth levels, new Karastan carpet (2020) in all bedrooms and lower level, impeccably remodeled kitchen open to the family room and dining room, creating a flowing, inviting space, stunning primary bedroom suite with fabulous bath and huge walk-in closet, new HVAC (2020), new HWH (2019) and updated baths. Hardwood shutters throughout, recessed lighting, crown molding, 2 fireplaces, a new deck and fence (2019), and so much more. The spacious, enclosed fourth level loft area creates a fabulous versatile space that can be used as a 4th bedroom, guest suite, private telework office, virtual learning space, fitness area…the possibilities are endless. And, the finished, walk-out lower level provides another wonderful living or entertaining space with it’s wood-burning fireplace, full wet bar, half bath, and access to the lower level, fenced-in paver patio through sliding glass doors. The 2-tiered deck and patio create great space for outdoor living, cooking and entertaining, and overlooks Manchester Park. The attached garage includes multiple storage systems and motorized lift, and driveway for additional parking. The desirable community of Landmark Mews is a serene 148-unit townhome in an unbeatable commuter location with easy access to 95, 395 and 495, 10 minute drive to Van Dorn Metro station, or 2 minute walk to Metro bus to the Pentagon. Close to shopping, restaurants, and entertainment, or unwind in the newly renovated Landmark Mews green space, a short stroll from 6364 Brampton Ct.

Call Terry Belt & The Belt Team at (703)242-3975 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!

Tip Tuesday! Tips and Tricks on Planting Trees This Fall

Are you considering planting some new trees or replacing ones that just aren’t looking so good? Did you know that fall is a great time to do that? Watch the video below and our friends at Pine Ridge Landscaping will tell you why. And then grab those shovels and get planting!!

To see more of our expert tips, housing market stats and other fun content, be sure to follow us to receive our blog posts as soon as they are published!

If you are in Northern Virginia and thinking of buying or selling, give us a call…we would love to help! We have been in business for over 50 years and closed over a $1 Billion in transactions. We know NOVA like the back of our hand and can make your real estate dreams come true! 703-242-3975 or info@thebeltteam.com

2017 Post Rd, Vienna VA 22181 – Just Listed by The Belt Team and OPEN SUN 9/20 1-3pm!

Price, features and LOTS more photos: 2017 Post Rd, Vienna VA 22181

JUST LISTED & OPEN SUN 1-3PM! Brick colonial on a gorgeous lot in the sought-after, beautiful community of Bridleridge…SO close to “downtown” Vienna! This property features 4BR/3.5BAs on three finished levels of living space. Many updates and improvements include main level remodel, refinished HDWD floors on main and upper levels, carpet in lower level, replaced windows, architecturally shingled roof, siding/insulation, HVAC, hot water heater, custom brick paver front lead walk and stone steps, landscape/hardscape along front and side, and repaved driveway. Main level renovation opened the floor plan to an inviting social living space including a remodeled kitchen (with upgraded cabinetry, granite countertops and island, SS appliances), dining, and entertaining area. Primary bedroom suite includes updated bath with granite vanity, glass shower enclosure, spa tub and an added large walk-in custom closet. Other features: updated secondary baths, plantation type shutters, paint throughout and more. Finished light and bright full walkout lower level opens to large flagstone patio and backyard. This home also includes a 2-car attached garage and a large fenced-in backyard which, along with the deck and patio below, is great for outdoor entertaining and activities. Great opportunity to live in an unbeatable Vienna location…close to many commuter options and all the amenities of Vienna, Oakton, & Tysons Corner, in an excellent school pyramid, and nearby access to the W&OD trail/parkland.

Call Terry Belt & The Belt Team at (703)242-3975 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!