Home Sale Statistics in Our Area – March 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 March.

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!

Mid-Atlantic Region March 2019 home sales:

11,647 homes went under contract in the region. This is up significantly (30.59%) from the same time period in 2018!

26% of the homes that went to settlement in March 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $404,518 (up 2.6% from the same time period in 2018 when it was $394,114)

20,338 homes came on the market. That’s down 1.4% from March 2018.

• Homes that sold (closed) averaged 70 days on market, 11 days faster than in March of 2018.

• There is currently a 2.5 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 28,094 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The inventory continues to be low favoring sellers.

Let’s take a deeper dive into the numbers of our local market areas, and see if there continues to be segments that are experiencing a somewhat different market.  The upper-end price points in some areas have been 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 have 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! 

Remember…if you are thinking of buying and/or selling, 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.

3 Graphs that Show What You Need to Know About Today’s Real Estate Market

3 Graphs that Show What You Need to Know About Today's Real Estate Market | MyKCM

The Housing Market has been a hot-topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates and home prices!

The best way to show what’s really going on in today’s real estate market is to go straight to the data! We put together the following three graphs along with a quote from Chief Economists that have their finger on the pulse of what each graph illustrates.

Interest Rates:

“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” – Sam Khater, Chief Economist at Freddie Mac

Income:

“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.” – Lawrence Yun, Chief Economist at NAR

Home Prices:

“Price growth has been too strong for several years, fueled in part by abnormally low interest rates. A mild deceleration in home sales and Home Price Index growth is actually healthy, because it will calm excessive price growth — which has pushed many markets, particularly in the West, into overvalued territory.” – Ralph DeFranco, Global Chief Economist at Arch Capital Services Inc.

Bottom Line

These three graphs indicate good news for the spring housing market! Interest rates are low, income is rising, and home prices have experienced mild deceleration over the last 9 months. If you are considering buying a home or selling your house, let’s get together to chat about our market!

Thinking of selling or buying? Give us a call at 703-242-3975!

Every time a home sells in your neighborhood the equity in your home rises. Text BELTVALUE to 59559 for your current home valuation!

Home Sale Statistics in Our Area – February 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 February.

Please call 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!

11,840 homes went under contract in the region. This is down 1.94% from the same time period in 2018.

19% of the homes that went to settlement in February 2019, sold in 10 days or less from when they hit the market. 

14,043 homes came on the market. That’s down 3.07% from February 2018.

Homes that sold (closed) averaged 78 days on market, 9 days slower than in February of 2018.

There is currently a 2.4 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 26,637 homes for sale (townhouse, condo, and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The inventory continues to be low favoring sellers.

However, as you dig deeper into the numbers of our local market areas, you will find segments that are 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 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! 

And…if you are thinking of buying and/or selling, 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. Or Text BELT to 59559 for a FREE home valuation!

Home Sale Statistics in Our Area – January 2019

On The Belt Team, we take pride in being your local real estate “experts”!  Part of that involves staying on top of market stats & trends.  In this post, and on a monthly basis, we will share with you some of the home sale statistics we watch in our region and in our own backyard.  

10,689 homes went under contract in the region. This is down 1.54% from the same time period in 2018. 

16% of the homes that went to settlement in January 2019, sold in 10 days or less from when they hit the market.

Average sold price was $396,337 (up 6.69% from the same time period in 2018 when it was $371,497)

12,625 homes came on the market. That’s up 3.14% from January 2018.

Homes that sold (closed) averaged 78 days on market, 12 days slower than in January of 2018.

There is currently a 2.3 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 26,560 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region is still in a Seller’s Market.  The inventory remains low…advantage Sellers!

However, as you dig deeper into the numbers of our local market areas, you will find segments that are 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! 

And…if you are thinking of buying and/or selling, 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.

How’s the Housing Market?


The number one question Terry & Tom are getting at the holiday parties this season is “How’s the housing market?”. 

That is an extremely broad question in our opinion. We know you want a straight forward and direct answer, but bottom line is that it depends.  It’s kind of like the stock market. That may be a bad subject for people over the last few weeks (sorry!), but it’s very similar in the way someone would answer the question “How’s the stock market?”.

If you’re talking about the stock market, just like the housing market, there’s never a bad time to buy, generally speaking. There are always highs and lows. But we need to dig a bit deeper to discuss the market as it pertains to the person asking specifically. So, our question to them would be, “What’s your situation? Are you needing to sell, wanting to sell? Are you needing to buy, wanting to buy? These all play a role in how the market is doing in regards to their specific situation. 

If you are currently in the market to buy a home you may have seen national headlines about how strong the market is right now. What market are those headlines referring to? Be sure to check out our latest video to hear about different buyer/seller scenarios and what a healthy market looks like. 

Thinking of buying or selling or knows someone who is? We want to help anyway we can! Feel free to drop your questions in the comments or reach out to us. 

Give us a call at 703-242-3975 or Email: info@thebeltteam.com 

Thinking of Selling? You Should Act NOW!

Now is the time to sell.

That’s the opinion of our colleagues at Keeping Current Matters. (Our opinion depends on your personal situation, so give us a call at (703) 242-3975 and we will do an in depth analysis with you so you can be sure of what’s right for YOU.)

What Is My Home Worth

Here’s why KCM thinks NOW is the time . . .

Thinking of Selling? You Should Act NOW! | MyKCM

If you thought about selling your house this year, now more than ever 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.

Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented:

“Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”

Yun goes on to say:

“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

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.

Call The Belt Team at (703) 242-3975. Recently named to Washingtonian Magazine’s Best Realtors list for the 3rd year in a row, we are one of the country’s top teams and would love to help you make the RIGHT move for YOU.

What Is My Home Worth

Is August A Good Time To Sell My Home? Or Should I Wait Til September

Sell My Home Now or Wait

“Should I put my home on the market now or wait until September?

This is a question we have recently been asked a lot. And this year’s answer is not the same as it used to be. Conventional thought was that August was a slow real estate month, families were on vacation and if you were thinking of selling, it might be better to wait until September when kids are back in school and more buyers have time to look at homes.

This year, however, we are advising that our Sellers are better served by not waiting to enter the market. Interest rates are rising. And serious buyers are looking now. We’ve had a number of open houses. At each one, there was a larger number of buyers than average. And, the key factor we noticed (very different than in many years past) –  is almost every buyer was represented by a Realtor.

Why is this important? Because the majority of “serious” buyers (buyers who actually buy and are not just “lookie-loos”) have Realtors working on their behalf – especially in a market like today’s where inventory is low and buyers are competing for the same homes.

This puts potential sellers in a great position. Should you wait until September? We say “Carpe Diem!” The time to sell is NOW!

(Buyers – our advice is the same to you as well. Prices are rising and so are interest rates. Each month you wait is costing you money!)

(NOTE: Every situation is not the same. If you’d like a PERSONAL consultation on when we recommend you sell, and what items need doing before that, call The Belt Team at (703) 242-3975. We are happy to meet with you and provide you with 42 Questions You MUST Ask Your Realtor Before Selling A House)

WHat Is My Home Worth

Selling Your Home in 2017? Easy Tip to Do NOW!

If you’re thinking of selling your Northern VA home in 2017, it’s never too early to prepare. Here’s an easy tip to get you started!

If you’re thinking of selling in the January to April timeframe, now is a great time for a photo shoot. Get some shots of the autumn leaves. Then when you put your home on the market this winter or early next year – when things are dead and brown – you’ll still be able to showcase your home at its best!

(Don’t forget to email The Belt Team and ask for our FREE Report “Questions To Ask Your Realtor When Selling A House”)

Inverness at Penderbrook Fairfax TH

Snow landscapes made lovely shots to show in that “in between” time in February-March, when it’s almost Spring, but the flowers aren’t blooming yet.

Snow Day in Vienna VA

(If you’re really organized, you can do what some of our past sellers have done and sign your listing now so we can have our professional photographer come out and shoot photos for you!)

Give Terry Belt or Kevin Kleifges a call at (703) 242-3975 to schedule a pre-listing walkthrough. Fall and winter are a great time to start thinking about the updates and repairs you might need to make in preparation for next year. And you’ll want to talk to them first to ensure you don’t waste time or money on things that really aren’t necessary.

If you’re wondering about Northern Virginia Market Statistics – click the links below to find out: How fast are homes selling? What’s happening with prices? Buyer’s Market or Seller’s Market?

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!

Search our state-of-the-art home site

FREE INSTANT Online Home Valuation

Top Realtors Northern VA

 

The Northern VA Real Estate Market Is Shifting – Special Message from CEO Terry Belt

I’ve lived in Northern VA for almost my entire life. And I’m a third generation real estate agent. I know both our area and real estate well! One thing I know for sure is that the real estate market is not a straight, static line and it never will be. It is always moving.

I believe we are going to see our next shift in the next 12 months or so. Local bankers and experts are giving it 12-24 months in the Northern VA – Washington DC area market before it hits. I’m calling it sooner, and yet who knows? This means I believe we will move into neutrality, then back into a Buyer’s Market. We are likely at the peak of this Seller’s cycle between now and Spring. In fact, some parts of our market have already shifted notably over the past 3 months.

I recently returned from masterminding with Gary Keller, the Chairman of the Board of Keller Williams Realty (the world’s largest real estate company with over 140,000 Realtors), and with our Top 100 agents. Approximately half of the metropolitan areas in the USA are already undergoing this shift. I am tracking it closely. We may or may not have one more spring as crazy and frenetic as this past one was, with multiple offers in the entry price ranges and buyers beating down seller’s doors. As one of the area’s top teams, The Belt Team has been privileged to help 71 families buy and sell homes so far this year, and we expect to help many more in the coming months. We have an excellent handle on the market and especially the micro markets throughout Northern VA and Washington DC. Sometimes those micromarkets are geographical and sometimes they are price driven.

What does this mean for you? Well our market has two primary seasons, although we are lucky that we don’t have extreme seasonality here. The majority of our residential real estate sales come in the spring. Our secondary market is fall: September/October. If you have been thinking about selling your home in the next few years, I highly urge you to email or call me (703-242-3975) so we can begin the conversation about home prep, pricing, and timing. You may not decide to sell now, and yet I highly recommend having the conversation now. I think selling in the next 60 days is outstanding timing.

Call, or email any time. We are happy to talk and meet with you, advise you on preparations & timing, and to give you a property and pricing analysis of your home with no obligation. Feel free to browse our website. I look forward to a continued conversation.

Best,
Terry Belt
CEO, The Belt Team

CEO The Belt Team