Home Sale Statistics in Our Area

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!  Below you will find the numbers for November 2019.

Not to sound like a broken record but…inventory continues to fall so NOW is still a great time to sell!  If you are thinking of selling or buying, contact us at (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

Mid-Atlantic Region November 2019 home sales:

21,038 homes went under contract in the region. This is up (19%) from the same time period in 2018.

31% of the homes that went to settlement in November 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $353,865 (up 6.3% from the same time period in 2018).

22,293 homes came on the market. That’s down 1.9% from November 2018.

• Homes that sold (closed) averaged 46 days on market, 5 days faster than in November of 2018.

• There is currently a 2.6 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 59,542 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The overall market conditions in the region did not change significantly from October to November but note that the number of homes that went under contract and the number of homes to hit the market (this number is also down slightly from this time last year) decreased.

As you dig deeper into the numbers of some of our local market areas, you will find that the market has slowed and inventory has dropped significantly in some segments.  We also continue to see that the upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points are seeing appreciation, there is less inventory and homes are selling much faster.  

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).

Home Sale Statistics in Our Area – October 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!  Below you will find the numbers for October 2019.

With inventory remaining low…it’s still a great time to sell!  If you are thinking of selling or buying, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

BUYERS: Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.

SELLERS: Call The Belt Team at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.

25,068 homes went under contract in the region. This is up (17%) from the same time period in 2018.

32% of the homes that went to settlement in October 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $348,312 (up 5.6% from the same time period in 2018).

31,329 homes came on the market. That’s up 1.4% from October 2018.

• Homes that sold (closed) averaged 45 days on market, 3 days faster than in October of 2018.

• There is currently a 2.8 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 65,914 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The overall market conditions in the region basically did not change significantly from September to October.

However, as you dig deeper into the numbers of our local market areas, you will find segments that are still experiencing somewhat different market conditions.  The upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points are seeing appreciation, there is less inventory and homes are selling much faster.  

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).

Home Sale Statistics in Our Area – September 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!  Below you will find the numbers for September 2019.

With inventory remaining low…it’s still a great time to sell!  If you are thinking of making a move, contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market and can provide you with all the information you need.

24,430 homes went under contract in the region. This is up (22%) from the same time period in 2018.

31% of the homes that went to settlement in September 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $344,333 (up 5.4% from the same time period in 2018).

32,291 homes came on the market. That’s up 6.6% from September 2018.

• Homes that sold (closed) averaged 45 days on market, 12 days faster than in September of 2018.

• There is currently a 2.9 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 the Mid Atlantic Region – and 67,882 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The overall market conditions in the region did not change significantly in September but some things to note… compared to the same time period last year, there was a 22% increase in the number of homes that went under contract and the average days on market is down 23%.  Now, let’s take a look at some of our local markets and see what their numbers look like.

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).

Home Sale Statistics in Our Area – August 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for August 2019.

With inventory remaining low…it’s still a great time to sell!  If you are thinking of making a move, contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market and can provide you with all the information you need.

26,051 homes went under contract in the region. This is up (16%) from the same time period in 2018.

30% of the homes that went to settlement in August 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $360,467 (up 4% from the same time period in 2018).

31,687 homes came on the market. That’s down just under 3% from August 2018.

• Homes that sold (closed) averaged 55 days on market, 1 day longer than in August of 2018.

• There is currently a 2.9 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 the Mid Atlantic Region – and 65,258 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The overall market conditions in the region did not change significantly in August but let’s take a look at some of our local markets and see what their numbers look like.

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).

Home Sale Statistics in Our Area – July 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for July 2019.

It is still a great time to sell! Please call or text The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market …we’d love to help you realize your real estate dreams!

• 27,439 homes went under contract in the region. This is up (12.8%) from the same time period in 2018.

• 28% of the homes that went to settlement in July 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $368,571 (up 4.91% from the same time period in 2018).

• 33,104 homes came on the market. That’s down 0.1%from July 2018.

• Homes that sold (closed) averaged 57 days on market, 7 days longer than in July of 2018.

• There is currently a 3.0 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 66,513 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  Again, the overall market conditions in the region did not change significantly in July but let’s take a look at some of our local markets and see what their numbers look like. 

Buyers & Sellers who are successful in today’s market look at the data and act accordingly…and so do our agents!  Contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market you are targeting and can provide you with all the information you need.

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).

Home Sale Statistics in Our Area – June 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets! Below you will find the numbers for June 2019.

Please call or text The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

28,484 homes went under contract in the region. This is up (8.23%) from the same time period in 2018.

31% of the homes that went to settlement in June 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $374,501 (up 4.91% from the same time period in 2018).

35,305 homes came on the market. That’s down 4.16% from June 2018.

• Homes that sold (closed) averaged 55 days on market, 4 days longer than in June of 2018.

• There is currently a 3.0 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 67,494 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  We saw a very slight increase in the average sales price from last month and the number of new listings that came on the market decreased again this month. 

The overall market conditions in the region did not change significantly in June but let’s take a look at some of our local markets and see what their numbers look like…some areas have seen their market slowing a bit.  The number of homes hitting the market decreased from last month and the average days on market is increasing.

Buyers & Sellers who are successful in today’s market look at the data and act accordingly…and so do our agents!  Contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market you are targeting and can provide you with all the information you need.

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

Fairfax County Real Estate Tax Assessments Have Been Mailed!

Those of you who live in Fairfax County should have recently received your real estate tax assessment.

For a large number of you (76%!), the assessment went up. And, well, that will likely mean higher taxes this year (the Board of Supervisors will set the 2019 tax rate later this spring, but if the past predicts the future, what you pay will increase either because of an increased tax rate or because your assessment increased). On average, assessments are up 3.6%.

However, the assessments did not rise as much as the previous year in part because values did not rise as much. While 2017 saw a 4.21% increase in median sold price in Fairfax County, 2018 was slightly lower at 3.03%.

(If you have not received your notice yet, you can check your Fairfax County assessment value online)


Here are some overall stats from Fairfax County:

Of the 354,695 taxable parcels in Fairfax County:

  • 294,520 have an assessment change
  • 60,175 have no assessment change

Here’s the breakdown of average home property assessment by property type (averages are not necessarily indicative of individual properties or neighborhoods):

  • Single family-detached homes – $673,407, up 2.17%
  • Townhouse/duplex properties – $422,490, up 3.12%
  • Condominiums – $272,914, up 2.98%

Now. Truth be told – the assessments in Fairfax County are oftentimes LOWER than actual “market value” (meaning what a “willing Seller” and “willing Buyer” agree a property is worth by ratifying a contract to sell/buy that property.)

If you are thinking of buying a home in Fairfax County, don’t be deceived into thinking you will be able to buy a home for about what the County has assessed as the value of the property. We are often asked how a Seller could justify an asking price above the Fairfax County tax assessment.

Assessed value is just ONE factor to look at when buying or selling. A better place to start is with a FREE INSTANT online estimate. Then schedule an appointment with The Belt Team for a custom estimate.

If you think your assessment is wrong, Fairfax County does have an appeal process. You can file an online appeal prior to April 3rd. More info here.

Also note that Seniors and People with Disabilities may be eligible for the county’s tax relief program. More info here.

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!

Getting Your Home Ready to Sell!

getting your home ready to sell!

We recently received a question on our Facebook page that we think many more of our followers may be asking themselves. The Question:

question

This one question sparked a conversation between our CEO, Terry Belt & Partner Agent, Tom Hanton about not only painting, but staging & re-purposing as well. Be sure to check out the video here.

green wall

Green is fresh, green is fun, green is not everyone’s favorite color. Bold, unique, and funky colors are super cool, but they do not typically work for everyone. When you are listing your home you want someone to walk in and be able to picture themselves living there. You want them to imagine their furniture in your living room, their pictures hung on your walls, and they cannot do that if the wall colors clash with their plans. The best option in this scenario is to re-paint to a much more neutral color (taupe, light grey, beige, tan, etc.). Think model home. You want your home to be a blank slate for a buyers imagination to run wild!

taupe-living-room-sofa-collection

Welcome home! This house is bright, fresh (without being green), and clean. This is a prime example of a home that is ready to sell. If your walls are a neutral color like in the above photo you are in a good place. Our only tip here would be to pay attention to your base boards and moldings. Make sure they are a bright white. This small tweak will make the room appear much brighter and welcoming to potential buyers.

Painting is a very simple to-do when getting your home ready to sell, and it goes hand in hand with staging. The Belt Team has been in the industry for over 50 years and have formed relationships with some of the best stagers in the industry. We often coordinate consultations for our clients with our favorite stagers when we are trying to get their home ready for the market. Having a professional come in takes a lot of the stress off of you during an already stressful time. If your budget doesn’t allow for full staging, there is also the option of re-purposing. This is a simple fix when you’ve got the pieces, but they are not being used in the most optimal way. A professional stager can come in and re-purpose your furniture, decorations, etc. and create a scene that a buyer will be blown away by.

Below is an example of re-purposing a room! This was one of our past listings. When the room being setup as a bedroom was not working, our stager came in and suggested turning it into a recreation room instead. We got much better feedback with this setup from potential buyers.

Overall the decision to paint, stage, and re-purpose is 100% up to the seller. Your agent’s job is to help you make those decisions and suggest the best game plan for the quickest sale of your home. Like most things in real estate there is never a simple answer to most questions. We hope these few tips can help you consider the best options to get your home market ready!

If you have any other questions or topics you want us to cover please do not hesitate to reach out!

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Should I list my home during the Holidays?

Should I list my home during the Holidays? This is a questions the agents on The Belt Team get a lot! Terry Belt, our CEO, & Tom Hanton have 11 reasons you SHOULD in fact list your home during the Holidays!

  1. People who look for a home during the Holidays are more serious buyers!
  2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!
  3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money & longer time on the market for you!
  4. Houses show better when decorated for the Holidays! #curbappeal
  5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!
  6. Buyers have more time to look for a home during the Holidays than they do during a working week.
  7. Some people must buy before the end of the year for tax reasons!
  8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until spring to buy, you must be on the market now to capture that market!
  9. You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays!
  10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!
  11. By selling now, you may have an opportunity to be a non-contingent buyer during the spring, when many more houses are on the market for less money! Sell high and buy low!

Terry & Tom elaborate on this list in the video above. Be sure to check it out!

*List credit to Mike Ferry, North America’s Leading Real Estate Coaching & Training Company*

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Thinking of Selling? Now Is the Time to Act

Here’s what our colleagues at Keeping Current Matters have to say about whether now is the time to sell.

(Note: In the Northern VA area, selling now is often the best choice as many of our markets have experienced low inventory for multiple years. However, the answer of whether to sell now or later is NOT the same for everyone. For a FREE personal consultation, call Terry Belt, Kevin Kleifges, Tom Hanton, or Beth Dadisman at (703) 242-3975. We’ll help you make the best move for YOU.)

WHat Is My Home Worth

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Thinking of Selling? Now Is the Time to Act | MyKCM

If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.

Jonathan Smoke, Chief Economist at realtor.com, revealed in a recent article that:

“The biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract. That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.”

Smoke goes on to say:

“We started the year with the lowest inventory of homes available for sale that we’ve ever seen on realtor.com. While we did see inventory grow 2% in February, total inventory was down 11% over last year.”

In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction including the inspection, appraisal and financing contingencies.

Bottom Line

As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.

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The Belt Team is one of Virginia’s Top 20 Best Real Estate Agents (out of 30,000+ agents) and we take great pride in putting our clients’ interests first. We sometimes tell people NOT to sell or NOT to buy – because we use a consultative approach instead of a sales approach. If you’d like to schedule a personal consultation to educate yourself to make the decision that’s right for YOU, call us at (703) 242-3975. Don’t you deserve the BEST Realtor Team in Northern VA?