Home Sale Statistics in Northern Virginia – November 2022

Listen to Terry in the quick video below talk about the Northern Virginia real estate market as we come to the end of 2022. Are we still in a Seller’s Market? How do we compare to other regions in the country? What are interest rates doing?

If you have specific questions about the market you would like answered, please don’t hesitate to reach out!

After watching, take a look at all of the regional stats below along with links to some of our hyper local areas.

Northern Virginia November 2022 home sales:

1,782 homes went under contract in the region. This is down 44% from the same time period in 2021.

38% of the homes that went to settlement in November 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $676,877 (up 5% from the same time period in 2021).

1,979 homes came on the market. That’s down 23% from November 2021.

• Homes that sold (closed) averaged 27 days on market, 6 days slower than in November of 2021.

• There is currently a 1.0 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 Northern Virginia – and 3,141 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory decreased from the prior month but was up 35% year-over-year.  The number of homes going under contract and coming on the market also declined, and both of these numbers continue to be down significantly from this time last year.  Average sold price was down from October but up compared to November last year.

If you are thinking of buying or selling, please reach out to Terry & The Belt Team and let our experience work for you.

(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form

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

Vienna: November 2022 Home Sales

Oakton: November 2022 Home Sales 

McLean: November 2022 Home Sales 

Great Falls: November 2022 Home Sales 

Reston: November 2022 Home Sales 

Falls Church: November 2022 Home Sales 

Arlington: November 2022 Home Sales

Alexandria: November 2022 Home Sales  

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

Home Sale Statistics in Northern Virginia – October 2022

We are still experiencing a seller’s market in the Northern Virginia Region mostly due to the supply & demand equation, however, sales are down significantly (about 40%) from this time last year. Why? Partly due to inventory but a lot due to affordability issues because of the significant increase in interest rates.

In reality, we see this as a more “normal” seller’s market. What does that mean? Terry answers this and more in his latest market update video.

Northern Virginia October 2022 home sales:

2,119 homes went under contract in the region. This is down 46% from the same time period in 2021.

41% of the homes that went to settlement in October 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $699,532 (up 3.7% from the same time period in 2021).

2,720 homes came on the market. That’s down 33% from October 2021.

• Homes that sold (closed) averaged 25 days on market, 6 days slower than in October of 2021.

• 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 3,778 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory decreased from the prior month but was up 8.1% year-over-year.  The number of homes going under contract and coming on the market also declined, and both of these numbers continue to be down significantly from this time last year.  Average sold price was up from September and compared to October last year.

If you are thinking of buying or selling, please reach out to Terry & The Belt Team and let our experience work for you.

(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form

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

Vienna: October 2022 Home Sales

Oakton: October 2022 Home Sales 

McLean: October 2022 Home Sales 

Great Falls: October 2022 Home Sales 

Reston: October 2022 Home Sales 

Falls Church: October 2022 Home Sales 

Arlington: October 2022 Home Sales

Alexandria: October 2022 Home Sales  

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

The Cost of Waiting for Mortgage Rates To Go Down

Mortgage rates have increased significantly in recent weeks. And that may mean you have questions about what this means for you if you’re planning to buy a home. Here’s some information that can help you make an informed decision when you set your homebuying plans.

The Impact of Rising Mortgage Rates

As mortgage rates rise, they impact your purchasing power by raising the cost of buying a home and limiting how much you can comfortably afford. Here’s how it works.

Let’s assume you want to buy a $400,000 home (the median-priced home according to the National Association of Realtors is $389,500). If you’re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here’s how your purchasing power can change as mortgage rates climb (see chart below). The red shows payments above that threshold and the green indicates a payment within your target range.

The Cost of Waiting for Mortgage Rates To Go Down | MyKCM

As the chart shows, as rates go up, the amount you can afford to borrow decreases and that may mean you have to look at homes at a different price point. That’s why it’s important to work with a real estate advisor to understand how mortgage rates impact your monthly mortgage payment at various home loan amounts.

Are Mortgage Rates Going To Go Down? 

The rise in mortgage rates and the resulting decrease in purchasing power may leave you wondering if you should wait for rates to go down before making your purchase. Realtor.com says this about where rates could go from here:

“Many homebuyers likely winced . . . upon hearing that the Federal Reserve yet again boosted its short-term interest rates by three-quarters of a percentage point—a move that’s pushing mortgage rates through the roof. And the already high rates are just going to get higher.

So, if you’re waiting for mortgage rates to drop, you may be waiting for a while as the Federal Reserve works to get inflation under control.

And if you’re considering renting as your alternative while you wait it out, remember that’s going to get more expensive with time too. As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), says:

“There is no doubt that these higher rates hurt housing affordability. Nevertheless, apart from borrowing costs, rents additionally rose at their highest pace in nearly four decades.”

Basically, it is true that it costs more to buy a home today than it did last year, but the same is true for renting. This means, either way, you’re going to be paying more. The difference is, with homeownership, you’re also gaining equity over time which will help grow your net worth. The question now becomes: what makes more sense for you?

Bottom Line

Each person’s situation is unique. To make the best decision for you, reach out to Terry Belt & The Belt Team to explore your options.

703-242-3975 | Info@TheBeltTeam.com | Contact Us

Sellers Have an Opportunity with Today’s Home Prices

As mortgage rates started to rise this year, many homeowners began to wonder if the value of their homes would fall. Here’s the good news. Historically, when mortgage rates rise by a percentage point or more, home values continue to appreciate. The latest data on home prices seems to confirm that trend.

According to data from CoreLogic, home price appreciation has been re-accelerating since November. The graph below shows this increase in home price appreciation in green:

Sellers Have an Opportunity as Home Prices Re-Accelerate | MyKCM

This is largely due to an ongoing imbalance in supply and demand. Specifically, housing supply is still low, and demand is high. As mortgage rates started to rise this year, many homebuyers rushed to make their purchases before those rates could climb higher. The increased competition drove home prices up even more. Selma Hepp, Deputy Chief Economist at CoreLogicexplains:

“Home price growth continued to gain speed in early spring, as eager buyers tried to get in front of the mortgage rate surge.”

And experts say prices are forecast to continue appreciating, just at a more moderate pace moving forward. A recent article from Fortune says:

“. . . the swift move up in mortgage rates . . . doesn’t mean home prices are about to crash. In fact, every major real estate firm with a publicly released forecast model . . . still predicts home prices will climb further this year.”

What This Means for You

If you’re thinking about selling your house, you should know you have a great opportunity to list your home and capitalize on today’s home price appreciation. As prices rise, so does the value of your home, which gives your equity a big boost.

When you sell, you can use that equity toward the purchase of your next home. And at today’s record-level of appreciation, that equity may be enough to cover some (if not all) of your down payment.

Bottom Line

History shows rising mortgage rates have not had a negative impact on home prices. Now is still a great time to sell your house thanks to ongoing price appreciation. When you’re ready to find out how much equity you have in your current home and what’s happening with home prices in your local area, let’s connect.

703-242-3975 | Info@TheBeltTeam.com | Contact Us

Be sure 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!

What is the Biggest Story So Far This Year in the Real Estate Industry?

The question we get asked the most is “how long is this crazy real estate market going to last?”. That question leads into the biggest story in the industry so far this year. Is it low inventory, rising prices, or something else. Listen to Terry’s update to find out.

If you want to discuss your real estate plans and the current market, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!

Be sure 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!

Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers

What is happening to grocery prices??? It’s the law of supply and demand and it’s having the same impact on the real estate market…

If you’re thinking about selling your house in 2022, you truly have a once-in-a-lifetime opportunity at your fingertips. When selling anything, you always hope for strong demand for the item coupled with a limited supply. That maximizes your leverage when you’re negotiating the sale. Home sellers are in that exact situation right now. Here’s why.

Demand Is Very Strong

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), 6.18 million homes were sold in 2021. This was the largest number of home sales in 15 years. Lawrence Yun, Chief Economist for NAR, explains:

“Sales for the entire year finished strong, reaching the highest annual level since 2006. . . . With mortgage rates expected to rise in 2022, it’s likely that a portion of December buyers were intent on avoiding the inevitable rate increases.”

Demand isn’t expected to weaken this year, either. In addition, the Mortgage Finance Forecast, published last week by the Mortgage Bankers’ Association (MBA), calls for existing-home sales to reach 6.4 million homes this year.

Supply Is Very Limited

The same sales report from NAR also reveals the months’ supply of inventory just hit the lowest number of the century. It notes:

“Total housing inventory at the end of December amounted to 910,000 units, down 18% from November and down 14.2% from one year ago (1.06 million). Unsold inventory sits at a 1.8-month supply at the present sales pace, down from 2.1 months in November and from 1.9 months in December 2020.”

The reality is, inventory decreases every year in December. That’s just how the typical seasonal trend goes in real estate. However, the following graph emphasizes how this December was lower than any other December going all the way back to 1999.

Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers | MyKCM

Right Now, Sellers Have Maximum Leverage

As mentioned above, when there’s strong demand for an item and a limited supply of it available, the seller has maximum leverage in the negotiation. In the case of homeowners who are thinking about selling, there may never be a better time than right now. While demand is this high and inventory is this low, you’ll have leverage in all aspects of the sale of your house.

Today’s buyers know they need to be flexible negotiators that make very competitive offers, so here are a few areas that could tip in your favor when your house goes on the market:

  • Competitive sales price
  • Flexible closing date
  • Potential for a leaseback to allow you more time to find a home
  • Minimal offer contingencies

Bottom Line

If you’re thinking of selling your house this year, NOW is the optimal time to list it. Reach out to The Belt Team today and let us help you get your house sold and take advantage of this market!

703-242-3975 | Info@TheBeltTeam.com | Contact Us

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Be sure 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!

With Mortgage Rates Climbing, Now’s the Time To Act

Last week, the average 30-year fixed mortgage rate from Freddie Mac jumped from 3.22% to 3.45%. That’s the highest point it’s been in almost two years. If you’re thinking about buying a home, this news may have come as a bit of a shock. But the truth is, it wasn’t entirely unexpected. Experts have been calling for rates to rise in their 2022 projections, and the forecast is now becoming a reality. Here’s a look at the projections from Freddie Mac for this year:

  • Q1 2022: 3.4%
  • Q2 2022: 3.5%
  • Q3 2022: 3.6%
  • Q4 2022: 3.7%

As the numbers show, this jump in rates is in line with the expectations from Freddie Mac. And what they also indicate is that mortgage rates are projected to continue climbing throughout the year. But should you be worried about rising mortgage rates? What does that really mean for you?

As rates increase even modestly, they impact your monthly mortgage payment and overall affordability. If you’re looking to buy a home, rising mortgage rates should be an incentive to act sooner rather than later.

The good news is, even though rates are climbing, they’re still worth taking advantage of. Historical data shows that today’s rate, even at 3.45%, is still well below the average for each of the last five decades (see chart below):

With Mortgage Rates Climbing, Now’s the Time To Act | MyKCM

That means you still have a great opportunity to buy now with a rate that’s better than what your loved ones may have paid in decades past. If you buy a home while rates are in the mid-3s, your monthly mortgage payment will be locked in at that rate for the life of your loan. As you can see from the chart above, a lot can change in that time frame. Buying now is a great way to protect yourself from rising costs and future rate increases while also securing your payment amount for the long term.

Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), says:

Mortgage rates surged in the second week of the new year. The 30-year fixed mortgage rate rose to 3.45% from 3.22% the previous week. If inflation continues to grow at the current pace, rates will move up even faster in the following months.”

Bottom Line

Mortgage rates are increasing, and they’re forecast to be even higher by the end of 2022. If you’re planning to buy this year, acting soon may be your most affordable option. Reach out to The Belt Team today!

703-242-3975 | Info@TheBeltTeam.com | Contact Us

Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early!

Luxury Homes For Sale 22181

Here’s what our colleagues at Keeping Current Matters had to say about whether this year is the year to move up to your dream home:

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If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:

Freddie Mac

While full employment and rising inflation are signs of a strong economy, they also have the potential to push mortgage rates and house prices up. The higher rates and higher prices create significant affordability concerns, which may continue to characterize the housing market for the rest of 2017.”

Lynn Fisher, Vice President of Research & Economics for the Mortgage Bankers Association

By the time we get to the fourth quarter of this year, we will still be under 5 percent – we are thinking 4.7 percent…Something north of 5 percent by the time we get to 2018, and by the time we get to 2019, we show fourth-quarter rates hitting 5.5 percent.”

Mark Fleming, First American’s Chief Economist

Despite some regional disparities, title agents and real estate professionals do not expect increasing mortgage rates to have a significant impact on the housing market this spring. Continued good economic news, increasing Millennial demand and confidence that buyers will remain in the market even if rates exceed 5 percent bode well for 2017 real estate.

Len Kiefer, Deputy Chief Economist for Freddie Mac

We will probably see rates higher at the end of year, around 4.5%.”

Bottom Line

If you are feeling good about your family’s economic future and are considering making a move to your dream home, doing it sooner rather than later makes the most sense.

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Call The Belt Team at (703) 242-3975. We are happy to walk you through the pros and cons of moving up now and help you make the BEST move!

Buyers & Sellers – Interest Rates Remain at Historic Lows . . . But for How Long?

If you’re pondering buying or selling NOW or waiting another year or two – you might want to take note of the latest info below from Keeping Current Matters!

Interest Rates Remain at Historic Lows… But for How Long? | MyKCM

The interest rate you pay on your home mortgage has a direct impact on your monthly payment; The higher the rate, the greater your payment will be. That is why it is important to look at where the experts believe rates are headed when deciding to buy now or wait until next year.

The 30-year fixed mortgage rate has fallen half a percentage point since the beginning of the year and has remained at or below 3.5% for the last 11 weeks according to Freddie Mac’s Primary Mortgage Market Survey.

The chart below shows how far rates have fallen this year (on the left), and uses an average of the projections from Freddie Mac, Fannie Mae, the Mortgage Bankers Association and National Association of Realtors (on the right). As you can see, interest rates are projected to increase steadily over the course of the next 12 months.

Mortgage Rates - 30-Year Fixed Rate | MyKCM

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.0% over the last year and are predicted to be 5.4% higher next year.

If both the predictions of home prices and interest rate increases become a reality, families will wind up paying considerably more for their next home.

Bottom Line

Even a small increase in interest rate can impact your family’s wealth.


Interest rate changes don’t just affect Buyers. They affect Sellers too. As rates rise, some Homebuyers are priced out of the market they want to move into. And they decide to stay where they are. Less Buyers means less demand and more competition. And that can put a downward pressure on prices.

If you’re wondering whether you should buy now or wait – or sell now or wait – there’s no one-size-fits-all answer. There are lots of things that should factor into your decision. Interest rates are just one. Call Terry Belt & The Belt Team at (703) 242-3975. Our team is one of the top teams in the entire country, with lots of resources at your disposal, and we are more than happy to consult with you and help you and your family make the RIGHT move!

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3 Reasons Why NOW May Be Your Time To Move Up

If you’ve been feeling like George Jefferson and thinking about “moving on up” (maybe you’ve outgrown your house or you’re just ready for a change), here are 3 reasons why NOW might be your perfect storm:

1. You might be able to have your cake & eat it too!

Have Your Cake

If you’re selling a home in the lower or mid price ranges (under $900,000) and moving into the over $1.2 million price range – you have a small window of opportunity that is open right now. The low-mid price ranges are moving swiftly. Housing supply is uber low. And that means values are rising. (Great for you when you sell your home!) On the other hand, the speedy market has not quite reached the upper ranges yet, at least not across the board, and so you may still have a quick window to buy above $1.2 million before prices rise in the same fashion as they have in your current home’s market. If you wait to make that move up, you may sell your current home for more than you could now (assuming prices continue to rise), BUT you would end up paying a LOT more for your new home when prices rise across the board.

Example:

If you sold now, you might sell your current home for $900,000, and buy your new home for $1.3 million. If you wait until next year, prices could rise 6%, netting you an additional $54,000 on the sale of your existing home; but costing you $78,000 more on your new home. You end up losing $24,000. (Note: Last year home prices in our area actually rose 7.12%.)

2. Interest rates continue to rise

Top Realtors Northern VA

This means unless you are paying cash, the price of your new home keeps getting more & more expensive. All of the major forecasters (Mortgage Bankers Association, FHLMC, Fannie Mae, etc) are predicting interest rates to exceed 5% by 2015. That’s about 1% higher than where rates are now. Keep in mind that a 1% rise in interest rates equals a 10% decrease in home price affordability. So moving up NOW may be much better than later in terms of your mortgage payment and how much house you can buy.

3. YOLO

Take A Leap

“YOLO” is the modern version of “carpe diem”. Seize the day. You only live once. While that sounds a bit cavalier, we actually say this from experience. People often wait so long for the “perfect time” that they miss it altogether. If the reason you’re moving up is that your family has grown and you really need more space, or maybe your in-laws are aging and moving in with you, or your children are back home after college – don’t miss this opportunity. While real estate is an investment and a huge part of your financial picture, family is everything and your home is where it all happens. So call your real estate agent, analyze the numbers and if it makes sense – take the leap. Our clients often tell us they wish they had leapt a long time before they did.

If you’re thinking of moving up – or moving down – call The Belt Team at (703) 242-3975. We’ll walk you through the process and help you analyze the “ins & outs” – where prices are in your current neighborhood & your dream neighborhood, whether you need to buy first or sell first, how you can find homes before they hit the market – there may even be some you haven’t though of!

If you’d like to maximize profits AND make your life easier – call (703) 242-3975 and ask for Terry Belt or Kevin Kleifges. We’ll help you construct a strategy to do so.

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