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!

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

Algae, Seepage and Leaking…OH MY!

Terry sits down with NV Roofing’s CEO, John Francis, and gets some valuable advice on roof damage and replacement.

We want to hear from YOU! Comment below with any questions for John and tell us what expert you would like us to feature next!!

Or, if you have a question for Terry, real estate related or not, please don’t hesitate to contact him at 703-242-3975 or info@thebeltteam.com.

Sit down with Terry Belt Part 2 – How have you been working with out of town buyers given the COVID environment?

Part 2 of Krissy O’Malley’s sit down with Terry Belt! In this episode, Terry talks about how he has been working with out of town buyers who were not able to travel here to see homes given the COVID-19 situation. And don’t miss the special cameo!!

If you have a question for Terry, real estate related or not, please don’t hesitate to contact him at 703-242-3975 | info@thebeltteam.com or Click Here!

And…if you are in the market for a home, be sure to check out our state of the art website for buyers and set up a free search today! https://beltteamrealestate.com/

Sit down with Terry Belt Part 1 – How has the current environment changed your business?

Part 1 of Krissy O’Malley’s sit down with Terry Belt! Terry shares more of his wisdom on the state of the current real estate market and answers questions Krissy and others have.

Stay tuned for Part 2 of their talk along with more valuable and fun content from The Belt Team!

If you have a question for Terry, real estate related or not, please don’t hesitate to contact him at 703-242-3975 or info@thebeltteam.com.

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!

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!

7716 Crossover Dr, McLean VA 22012 – Just Listed by The Belt Team!

Price and LOTS more photos of 7716 Crossover Dr, McLean VA 22012

  Fabulous home substantially rebuilt with highest quality finishes. The 4BR/3BA home is open and bright with 10′ ceilings in foyer & dining room, cathedral ceiling in living room, and 8’ceilings in finished lower level. The kitchen is a cook’s dream with high end appliances & cabinets, and opens to family room with charming fireplace. Wonderful main level master suite with updated marble bathroom. Extensive landscaping, covered slate porch and fenced-in back yard. All this and more in sought after Timberly neighborhood and Langley HS pyramid.

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

An Update from Terry Belt…

What are we seeing happening in the Northern Virginia real estate market? Here’s an update from Terry Belt about what is happening and how we are adjusting to meet the needs of our clients.

Don’t forget, The Belt Team is here to help…real estate related or not! Please don’t hesitate to contact us at 703-242-3975 or info@thebeltteam.com.

Please stay safe and healthy everyone!