On Tuesday, May 7th, 2024 the Board of Supervisors gave its final approval for the FY 2025 budget.
The final budget includes a 3-cent increase in the Real Estate Tax Rate, from $1.095 to $1.125 per $100 of assessed value. The average residential tax bill will increase by approximately $450. This increase is lower than the 4-cent increase that was in the original budget proposal.
If you have questions about your assessed value, the market value of your home or are thinking of buying or selling a home, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!
Spring is well underway but is the real estate market blooming along with it? Over the past 30 days, there has been a noticeable surge in the number of homes hitting the market in the Northern Virginia region. This increase isn’t just a monthly uptick; inventory is nearly 10% higher compared to the same period last year. However, the number of homes for sale continues to be an issue for buyers in many of our submarkets. Tune in to Terry’s latest update to hear him discuss this as well as answer the number one question we are getting from clients (hint: it may have to do with interest rates).
To see all of our home sales numbers for the Northern Virginia Region and many of our hyper local areas, head to the links at the bottom of the page.
Northern Virginia April 2024 Home Sales:
• 3,051 homes went under contract in the region. This is up 3.7% from the same time period in 2023.
• 75% of the homes that went to settlement in April 2024, sold in 10 days or less from when they hit the market.
• Average sold price was $818,958 (up 11% from the same time period in 2023).
• 3,123 homes came on the market. That’s up 15% from April 2023.
• Homes that sold (closed) averaged 14 days on market,3 days faster than in April 2023.
• 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 Northern Virginia – and 2,524 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remained in a Seller’s Market. As with last month, we saw an increase in the number of homes coming on the market and going under contract in April. Overall inventory was also up from last month, and was up 9.5% year-over-year. Average sold price increased and was up from this time last year.
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).
Don’t hesitate to reach out to Terry and The Belt Team for expert real estate guidance tailored to your needs, whether you’re buying or selling. Your journey starts with a simple conversation. Get in touch today!
(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form
On Thursday, May 9th, get ready to make a difference with RED Day!
On the second Thursday of May, Keller Williams Realty, Inc. agents worldwide unite for RED Day. This isn’t just any day; it’s a day of giving back, of making a real difference in our communities.
At KWR McLean/GreatFalls, community is at our core. We’re not just about buying and selling homes; we’re about lifting each other up.
This year, we proudly support SHARE of McLean, a local nonprofit fighting food insecurity and economic challenges.
Volunteer with us in person (join us at Giant Food on Chain Bridge Rd as we collect and sort donations) or donate online to strengthen our communities and create a lasting impact.
Please consider partnering with us to make this a successful RED DAY!
Here are two ways you can help…
DONATE:
Sign up to donate your time…join us in person at Giant Foods on Thursday, May 9th. Sign up HERE!
GIVE:
We are also accepting financial donations…CLICK HERE!
Thank you in advance for helping The Belt Team and Keller Williams McLean/Great Falls support this important organization! If you have any questions, please don’t hesitate to reach out!
The number of homes for sale is playing a big role in today’s housing market. And, if you’re considering whether or not to list your house, today’s limited supply is one of the biggest advantages you have right now. That’s because your house stands out more when the inventory is low, especially if it’s priced right.
But the supply of homes for sale is growing. According to the latest data from Realtor.com, new listings (homeowners who just put their house up for sale) are trending up (see graph below):
This graph shows more homeowners are putting that sale sign up in their yards compared to the same time last year. As Realtor.comsays:
“. . . sellers turned out in higher numbers this March as newly listed homes were 15.5% above last year’s levels. This marked the fifth month of increasing listing activity after a 17-month streak of decline.”
What This Means for You
If you’ve been putting off selling your house, maybe it’s time to start thinking about it again – before your neighbors do. While we’re not going to suddenly have a surplus of homes for sale, each house that pops on the market in your area runs the risk of pulling buyer attention away from yours.
For example, if your neighbor gets in on the action and lists their house too, it means you’ll have competition right next door. You don’t want buyers to tour your house and fall in love with someone else’s. You want yours to be in the spotlight.
A great agent can make that happen. They’ll help you get your house ready to list, draw attention to everything today’s buyers are looking for, and help you price it right. That way buyers are really drawn to your listing and eager to make it their home.
If you’re ready and able to sell now, here’s your chance to get the best of both worlds. Since the supply of homes for sale is growing, you’ll have more options for your own move. But you’ll also be able to sell while your house will still stand out.
Bottom Line
Even though inventory is still low, you don’t want to wait for more competition to pop up in your neighborhood. Give us a call to go over the perks of selling before more homes come to the market!
When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you?
In today’s market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analytics, explains:
“Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.”
A recent study from Bank of America sheds light on some of the things homeowners say would make them sell, even with rates where they are right now (see visual below):
What Would Motivate You To Move?
Now that you know why other people would move, take a minute to think about what would make a move worth it for you. Is it time to take a chance and go for your dream job, even though it’s not local? Are you looking for a neighborhood that has more to offer and a close-knit sense of community? Maybe you just need more space, you’re looking for your next great adventure, or you want a house that opens up rental opportunities to pad your income.
And here’s something else to consider. Mortgage rates are still expected to go down over the course of the year. And once that happens, there’s going to be a big rush of buyers jumping back into the market. While you could delay your plans until rates drop, you’ll only have more competition with those buyers if you do.
So, does that mean it’s worth it to move now, even with rates where they are? The answer is: that it depends.
You’ll want to consider today’s mortgage rates, where they’re expected to go from here, and what would prompt you to want to make a change as you decide on your next steps. An expert can help with that.
Bottom Line
Other homeowners are getting used to rates and deciding to move. Let’s chat to go over what matters most to you and if it’s time for you to jump back into the market too.
Besure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
The latest home sales figures for March/Q1 2024 are here, confirming that we’re still firmly in a Seller’s Market. Join Terry as he discusses the current market landscape, explores the factors driving up home prices (particularly in our region), and delves into the challenges facing prospective buyers.
To see all of our home sales numbers for the Northern Virginia Region and many of our hyper local areas, head to the links at the bottom of the page.
Northern Virginia March/Q1 2024 Home Sales:
• 2,705 homes went under contract in the region. This is up 0.8% from the same time period in 2023.
• 71% of the homes that went to settlement in March 2024, sold in 10 days or less from when they hit the market.
• Average sold price was $784,405 (up 8.5% from the same time period in 2023).
• 2,523 homes came on the market. That’s down 12% from March 2023.
• Homes that sold (closed) averaged 17 days on market,5 days faster than in March 2023.
• There is currently a 0.9 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 Northern Virginia – and 2,042 homes for sale (townhouse, condo and single-family).
Additional 1st Quarter-End Stats – 2024 vs 2023:
Average sold price increased by 9.4% ($759,462 vs $694,298)
Total units sold decreased by 4%
Average sales price to original list price ratio increased – 100.6% vs 99%
OVERALL: Northern Virginia remained in a Seller’s Market. We saw an increase in the number of homes coming on the market and going under contract in March. And while overall inventory was up slightly from last month, it remained down 13% year-over-year. Average sold price was up from February and remains up from this time last year.
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).
If you have any lingering questions about maneuvering through this demanding market or require assistance with buying or selling, don’t hesitate to reach out to Terry Belt. With over 30 years of experience selling Northern Virginia, he’s a seasoned local expert eager to lend a hand!
(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form
Are you thinking about making a move? If so, now may be the perfect time to start the process. That’s because experts say the best week to list your house is just around the corner.
A recent Realtor.comstudy looked at housing market trends over the past several years (with the exception of 2020, since it was an unusual year), and found the best week to put your house on the market this year is April 14-20:
“Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller. This year, the week of April 14–20 is the best time to sell—that is, if sellers want to see lots of interest in their homes, sell quickly, and pocket some extra cash, according to Realtor.com® data.”
Here’s why this matters for you. While the spring market is a great time to sell no matter the week, this may be the peak sweet spot. And if you’ve been putting your plans on the back burner and waiting for the right time to act, this could be the nudge you need to make your move happen. As Hannah Jones, Senior Economic Research Analyst at Realtor.comexplains:
“The third week of April brings the best combination of housing market factors for sellers. The best week offers higher buyer demand, lower competition [from other sellers], and fewer price reductions than the typical week of the year.”
But, if you want to get in on the action, you’ll need to move quickly and lean on the pros. Your local real estate agent is the perfect go-to when it comes to figuring out a plan to prep your house and get it on the market.
They’ll be able to offer advice to balance your target listing date with what you need to do from a repair and renovation standpoint. And they can walk you through exactly how to prioritize your list so you know what to tackle first.
For example, if your house is already in good shape, you’ll be able to really focus in on the smaller things that are easy to do and make a big impact. As an article from Investopediasays:
“You won’t have time for any major renovations, so focus on quick repairs to address things that could deter potential buyers.”
Here are some specific examples from that article:
Just remember, even if you’re not ready to list within the next couple of weeks, that’s okay. The window of opportunity doesn’t close when this week ends. Spring is the peak homebuying season and it’s still a seller’s market, so you’ll be in the driver’s seat all season long.
Ready to get the ball rolling? Let’s connect and schedule a time to go over your next steps!
If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season.
Odeta Kushi, Deputy Chief Economist, First American:
“. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”
“Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.”
“There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.”
“While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.”
If you’re looking to sell, this spring might be your sweet spot because there just aren’t many homes on the market. Sure, inventory is rising, but it’s nowhere near enough to meet today’s buyer demand. That’s why they’re still selling so quickly.
If you’re looking to buy, the growing number of homes for sale this spring means you’ll have more choices than this time last year. But be prepared to move quickly since there’ll be plenty of competition with other buyers.
Besure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
The Spring market has arrived and with that has come more homes coming on the market compared to several months ago. However, the inventory is still extremely low with most areas in the region only having 1-2 months supply of homes. It’s still a great time to be a seller but remains challenging for buyers.
See all of the market statistics below for Northern Virginia for February. Then use the links at the bottom of the page to see how your specific community is doing!
Northern Virginia February 2024 home sales:
• 2,003 homes went under contract in the region. This is down 1.7% from the same time period in 2023.
• 61% of the homes that went to settlement in February 2024, sold in 10 days or less from when they hit the market.
• Average sold price was $757,579 (up 12% from the same time period in 2023).
• 2,083 homes came on the market. That’s up 3% from February 2023.
• Homes that sold (closed) averaged 23 days on market,9 days faster than in February 2023.
• There is currently a 0.9 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 Northern Virginia – and 1,986 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remained in a Seller’s Market. We saw an increase in the number of homes coming on the market and going under contract in February. And while overall inventory was up from last month, it remained down 5% year-over-year. Average sold price was up from January and remains up from this time last year.
To see what the conditions are like in your community, click on the link to your desired city below!
Thinking about selling your house and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of homes for sale has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy.
So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works:
A neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady.
A buyer’s market is when there are more homes for sale than there are buyers. When that happens, buyers have more negotiation power because sellers are willing to make compromises to close the deal. In a buyer’s market, sellers may have to do price cuts to re-ignite interest in their home, and prices may go down. But we haven’t seen this for years since there are so few homes available to buy.
In a seller’s market, it’s just the opposite. When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which can lead to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer upfront. This could drive the final sale price of your house up.
The graph below uses data from the National Association of Realtors to show just how deep into seller’s market territory we still are today:
What Does This Mean for You?
The market is still working in your favor. If you lean on an agent for advice on how to get your house list ready and how to price it competitively, it should get a lot of attention from eager buyers. That means you’ll likely get multiple offers and see your house sell quickly and for top dollar. As a recent article from Ramsey Solutionsexplains:
“A seller’s market is when demand for homes is higher than the supply of homes. And that’s still the case right now. If you’re planning to sell your house, you can expect to sell it fairly quickly for close to your asking price—as long as your asking price is realistic for the current market.”
Bottom Line
Today’s housing market still favors sellers. If you’re ready to sell your house, let’s connect so you can start making your moves.
(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form
Northern Virginia Real Estate Blog 